Rent Real Estate
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Job Growth Will Impact Commercial Leasing Activity, Says NAR
quarter of 2001. The apartment rental market is projected to experience a net absorption during the second half of 42,600 units in the 54 markets, offsetting negative absorption in the first half, then rise dramatically to 161,200 in 2003 and 125,800 in 2004. Completions of new space will total 167,400 units this year, and are expected to moderate to 97,400 units in 2003 and 74,600 in 2004. The average vacancy rate is expected to rise to 7.1 percent by the end of this year before dropping to 6.6 percent in 2003 and 6.1 percent in 2004, with downward pressure expected on rents through 2003 before rising in 2004. Twenty-two of the 54 metro apartment markets are expected to have the most favorable demand/supply fundamentals over the next two years, including Minneapolis, Chicago, Boston, Northern New Jersey, Orange County, San Francisco, New York City, Los Angeles, San Diego, Detroit, Seattle, Inland Empire, Portland, East Bay, Ft. Lauderdale, Sacramento, Pittsburgh, San Jose, Norfolk, Long Island, Nashville and Honolulu. The National Association of Realtors®, "The Voice for Real Estate," is America"s largest trade association, representing more than 800,000 members involved in all aspects of the residential and commercial real estate industries. In addition, the Realtors® Commercial Alliance, formed by NAR in 1999, serves the needs of commercial members and helps to shape and unify the commercial real estate brokerage and service industry, including the improvement and expansion of commercial real estate boards and commercial information exchanges. NAR affiliates that support commercial specialists include the CCIM Institute, the Institute of Real Estate Management, the Realtors® Land Institute, and the Society of Industrial and Office Realtors®.Pages: 1 [2]
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20.04.2012