The US Commercial Real Estate market has no reason to fear the sluggish global economy, according to the National Association of Realtors who recently released the results of their quarterly real estate checkup. The report predicts steady growth in the demand for commercial spaces coming into the new year, with office vacancy rates expected to drop .5 percent in 2015 in response to the increased national employment rate. Retail spaces are anticipated to be in high demand as well in reaction to the recent bump in consumer spending, with vacancy rates in the retail market forecast to reduce by .2 percent this time next year. Americans are headed back to work and hitting the shops again, which only means good things to come for the flourishing commercial real estate market.
Apartment rentals are also predicted to be in high demand with the coming new year, according to the recent report. The NAR’s forecast projected the net absorption from multifamily housing expected to jump from 171,200 to 216,300 in 2015. This thriving commercial real estate market is a nation wide trend, and all states are expected to reap the benefits.
This holiday season marks the perfect time to jump into the commercial real estate market, and there seems no better place to do so than Miami. Where else can you find yourself at the intersection of captivating entertainment, luxury relaxation, and booming international business? If you are interested in all Miami’s commercial real estate market has to offer then don’t hesitate to contact an RE/MAX agent today!