Tenant defaults, declining lease rates, Calling property valuations, lack of willing buyers, and of course, difficulty in obtaining commercial real estate financing. Municipalities and economic development organizations know a functioning commercial real estate market is critical to keeping employers by not forcing them to seek a facility elsewhere.
INDUSTRIAL property showed the greatest resilience as the Scottish commercial real estate market put in its worst performance since mid-2009, real estate services company CBRE found. CBRE also warned that moves towards a referendum on Scottish independence could affect the property market this year.
THERE are tentative signs of a stabilisation in Europe's commercial real estate investment market. According to real estate adviser DTZ's latest European quarterly research, this has been led by the UK, where transaction volumes remained flat in the first quarter (Q1) of 2009 at pounds 3.5bn compared to the fourth quarter (Q4) of 2008.
The value of the real estate capital market reached EUR12 trillion in 2007 - up 18 per cent on the previous year, according to DTZ's Wagship Money Into Property report. Global investment transactions also grew to EUR730 billion in 2007, but, following the change in the global investment environment over the course of last year, DTZ expects a fall of 30 per cent in 2008 to about EUR500 billion.
THE latest RICS Commercial Property Market Survey shows further modest improvement in the real estate market but highlights pronounced regional and sector differences in both the occupier and investment arenas. Eighteen per cent more surveyors expected new sales and lettings to increase in the next three months, a rise from eight per cent in the third quarter of 2010. This is the best reading since before the onset of the credit crunch in the first quarter of 2007. Meanwhile, eight per cent more reported a rise than fall in occupier enquiries, suggesting that some businesses may now be looking to expand.
Jim Lyons, president of the NH Association of Realtors, says although today's numbers may be lower, the overall median home price in the state actually increased by 105 percent during the past decade, from $127,500 in 1998 to $260,800 in 2007. In 2006, the number of homes sold in that county for less than $250,000 increased from 1,218 homes to 1,275 homes in 2007.\n If the market slows enough, NH could see job losses in the real estate and financial sectors. Interest rates went down at the beginning of 2008 and by the third week of January, the average 30-year home mortgage interest rate in the nation was 5.48 percent, according to the Freddie Mac Foundation.
PROPERTY take-up in Newcastle has already exceeded 2010 levels and is well on the way to reaching 500,000 sq ft, according to the latest research by BNP Paribas Real Estate. The real estate adviser's autumn Newcastle office market report looks at take-up, rental growth, supply, pipeline and investment.
REAL estate group Hammerson has painted a gloomy picture of its UK market after revealing further falls in property values and an easing in City of London rents as banks cut staff numbers because of the credit crunch. The firm, which owns shopping centres including Brent Cross and West Quay in Southampton, said retailers faced weak conditions, but added it continued to attract firms to major developments in Bristol and Leicester, both of which complete later this year.
POSITIVELY, 2012 is expected to provide opportunities for investors with cash, nerve and a long-term perspective. High quality "safe haven" assets will continue to be in high demand, especially those which can provide a positive yield. John Weir, director of Drivers Jonas Deloitte said: "Whilst making constructive predictions in the current market is not easy, the huge uncertainty and overbearing gloominess makes it all too easy to predict the end of the world as we know it.
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