While the media at large focuses on doom and gloom, we will turn our commercial eyes towards what we can do in the middle of all this chaos to survive and emerge stronger. These tips focus on retail properties but apply in most cases to all types of commercial real estate.
Remember: Its never as bad as the guy selling you the news says it is!
Strategies for Improving the Future for Retail Properties
In the fourth quarter of 2008, the overall vacancy rate for retail properties rose to 8.9 per cent. While asking rents rose at year-end, effective rents fell by 1.1 per cent during 2008.
Given negative job growth and the sharp decline in retail spending (due to falling consumer confidence), Victor Calanog of Reis, Inc., is projecting continued turmoil in the retail property market through 2011. (For more on Victors outlook, seen this.)
