Some of you may have noticed that while a lot has been written and spoken about the real estate debacle, it has mostly zeroed in on the residential housing market and not commercial real estate. But that may be about to change rather dramatically.
A new survey, reports BusinessWeek, says “the commercial real estate market is headed toward a bad year in 2009 and a lukewarm recovery in 2010.”
The reasons, of course, are obvious: the double whammy of a continuing credit crunch (despite all the bailouts, consumer credit reportedly is not yet flowing as banks seem to be taking the taxpayer money and stuffing it in their vaults ), combined with what everyone knows is a recession or about to become a recession.
The report comes courtesy of the Urban Land Institute and PricewaterhouseCoopers and is based, says BusinessWeek on “surveys or interviews with more than 700 investors, developers, lenders and other experts.”
Wouldn’t you love to know who these “other experts” are?
So, Where Are the Best Places to Invest in Commercial Real Estate?
Great question! The survey comes complete with a list of the best and worst U.S. “markets to watch” for commercial and multifamily investment.
Among the BEST: New York, Los Angeles, Seattle, Houston and Denver
Among the Worst: Detroit, Cleveland, New Orleans, Las Vegas and Providence
Photo Credit: boliston