Grubb & Ellis 2006 Forecast Sees Growth in Many Commercial Markets
The 2006 Grubb & Ellis commercial real estate forecast is out and they see growth in many North American markets. The Kansas City office market is expected to see positive net absorption, while right up I-70 the St. Louis market is expected to see lots of new space leased with old space vacated - lots of activity but low net absorption. The Wichita market is expected to see growth in medical office space. In Miami and Orlando job growth is expected to fuel the office market through 2006 and into 2007.
The picture varies from market to market and between office, industrial, retail, investment and multifamily properties, but the overall picture is positive. They expect asking rental rates to increase 5 percent for Central Business District office properties and 6 percent for suburban office space. Visit Grubb & Ellis for a clickable map to see the markets you're interested in.
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