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.
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Top Commercial Real Estate Firms:
CB Richard Ellis
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Grubb & Ellis Company
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No immediate information was available for Green or his firm.