The REALTORS® Commercial Real Estate Market Survey measures quarterly activity in the commercial real estate markets. The survey collects data from commercial REALTORS®. The survey is designed to provide an overview of market performance, sales and rental transactions, along with current economic challenges and future expectations.
2013 Q4 Survey Highlights
- REALTOR® commercial markets maintained a momentum in sales and leasing activity.
- 66% of commercial REALTORS® closed a sales transaction.
- Sales volume rose 8% from a year ago.
- Sales prices increased 1% on a year-over-year basis.
- Cap rates averaged 8.7% during the fourth quarter.
- Leasing activity advanced 0.4% from the previous quarter, virtually flat.
- Rental rates increased 0.3% compared with the previous quarter.
- Concession levels declined 4% on a quarterly basis.
- Pricing gap topped the list of current challenges, followed by shortage of inventory.
- The estimated average transaction slid from $1.3 million to $1.2 million from the prior quarter.
The sharp rise in e-tailing and its game-changing impact has created a new normal in the retail real estate sector. Major national retails are evolving their strategies in an efforts to “survive and thrive” in this new market dynamic.
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Despite the slow economic growth and weak job growth that have characterized the economic recovery so far, commercial real estate investments have generally produced solid returns.
Property fundamentals are steady and improving slightly, and total expected returns on a risk-adjusted basis appear very reasonable in the year ahead.
This report gives commercial investors the information they need to make forward-looking changes to the way they approach today’s market, focusing on:
- Economic Outlook
- Capital Markets
- Highlights and expectations for the five major property sector markets: office, industrial, retail, apartment, and hotel
- Collective analysis of the commercial investment environment