Commercial
Commercial real estate industry starting to recover, experts say
(DALLAS NEWS) - The CEO of one of the country’s top commercial property firms says the industry is turning the corner, and a Texas real estate economist agrees.
“It’s evident that the market has started some kind of recovery,” John Santora, president of real estate service firm Cushman & Wakefield’s Americas division, said Thursday. “Overall, the fundamentals either improved in the second half of 2009 or the deterioration began to slow.
“From a leasing perspective, the market came back in the second half of the year,” Santora said at an economic forecast seminar his company sponsored Thursday morning in Dallas.
While companies are taking advantage of lower real estate costs to do long-term deals, the outlook for commercial property owners is still troubled, he said.
“Many landlords are still facing liquidity issues, particularly owners who purchased properties at the peak of the market,” Santora said. “Their equity is gone.”
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