Commentary: Commercial Real Estate's New Normal

By Currin, Darren | THE JOURNAL RECORD, March 5, 2013 | Go to article overview

Commentary: Commercial Real Estate's New Normal


Currin, Darren, THE JOURNAL RECORD


What is the "new normal" in commercial real estate? That is a question being asked all over the nation as the industry has experienced significant changes since the recession, and while the market has improved, it is different from what it was prior to the recession.

A new annual report produced jointly by Real Estate Research Corp. (RERC), Deloitte and the National Association of Realtors (NAR), entitled Expectations & Market Realities in Real Estate 2013- -Turn the Page, indicates that commercial real estate investors have been frustrated over the past five years and are ready for things to return to normal. The problem is, the current environment is the new normal and commercial real estate investors will need to adjust to the new reality if they expect to profit moving forward.

Based on data from the report, investors are now coming to this realization and are now looking for the best ways to participate in this new commercial real estate environment to maximize their profitability and yields.

"It is time to stop waiting for the economy and the investment environment to get better. This is it--this is the new normal--and we need to turn the page on the past and make the adjustments needed to be successful for the balance of this decade," stated Kenneth Riggs Jr., chairman and president of RERC. "Investors are facing the challenges ahead, and commercial real estate continues to be an attractive investment for a variety of reasons in this economic climate."

Genesis President Terry Robinson agrees. "Things changed dramatically in 2008, and many thought we would get back to normal in a year or two," Robinson said. "This hasn't happened and there has been a shift. Genesis addresses the change through our off- market approach, but we do see that not all buyers or sellers have faced reality yet. …

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