Moody’s real commercial property price index showed an uptick of 4.1 percent in December. Is this a sign that commercial real estate market has bottomed? Harvey Green, president and chief executive of Marcus & Millichap Real Estate Investment Services, shared his sector outlook.
“The 4.1 percent December increase in the Moody’s index is a positive…I don’t know if it’s enough to say we’re at the bottom or out yet, but it’s a good indicator that we’re moving in the right direction,” Green told CNBC.
On another positive note, Green said the vacancy rates are starting to slow in all areas, with the exception of retail.
“Retail is still having some issues in the consumer sector,” he explained.
Green also noted that the main concerns in the industry are in the tertiary marketplaces and in some of the smaller and "broken" assets.
- Watch Green's Previous Appearance on CNBC (Dec. 15, 2009)
Other Market Views:
- Pricey Lumber Won't Affect Homebuilders: Analyst
- Volatility Coming — So Focus on Yield: Strategist
- 5 Homebuilder Stocks With Upside: Analysts
CNBC Data Pages:
Top Commercial Real Estate Firms:
CB Richard Ellis
Jones Lang Lasalle
Grubb & Ellis Company
Investors Real Estate Trust
No immediate information was available for Green or his firm.