A survey released Wednesday by the Urban Land Institute and Ernst & Young forecasts an optimistic outlook for the commercial real estate market over the next three years.
With the housing market showing a strong recovery, economists and analysts are predicting a rebound in the commercial market as well. The survey measured the responses from 38 of the nation’s top real estate economists and analysts, March 4-25 and found they are notably more optimistic about the commercial real estate market than they were six months ago.
The survey respondents predicted a 7 percent transaction volume increase this year reaching a total of $310 billion in sales. They predict that by 2015, this volume could increase to $360 billion.
“The commercial real estate industry will, in general, be on solid footing for the next three years,” said Dean Schwanke, senior vice president and executive director of the ULI Center for Capital Markets and Real Estate. “After a prolonged period of uncertainty, we’re seeing a revival of investor confidence as the economy continues to recover.”
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