2013 ends strong as vacancies fall across the board
U.S. commercial real estate continued its steady recovery in 2013 and ended the year with a promising fourth quarter that bodes well for prospects in 2014, according to research from CBRE.
While signs were positive across property sectors, no sector had greater occupancy increases than the industrial market, which saw national industrial availability fall 140 basis points during the year, and 40 basis points in the fourth quarter alone — the second strongest quarterly improvement of the recovery, resulting in a year-end national availability rate of 11.3 percent. The sector has now experienced 14 consecutive quarters of positive growth.
“There is no indication that the recovery will stop anytime soon,” notes Jon Southard, managing director of CBRE’s Econometric Advisors group.
CBRE projects national industrial availability to drop another 30 basis poi