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Housing Market Tracker - Commercial Real Estate and REITs Review

I won't repeat my general comments on CRE, which I posted on two other articles. Specifically on this one:

"The supply of buildings didn't increase dramatically over the past several years." Well, that may depend on where you are. In the Sacramento area (South Placer in particular), there has been serious overbuilding and many new centers have had empty retail spots for many months now.

"Moreover, prices in commercial RE are already falling." In 2005 and 2006, retail rental prices went up substantially. In the last 6 months, they have fallen not quite as substantially. I am being quoted $2.25/sf (and "we can phase that in over time") in a new center that was going for $2.75-$3.25 three to six months ago.

The commercial real estate market is just off the edge of its cliff, while residential is rolling down its. This would not be a wise time to invest in commercial real estate. I do think it will be a target for the SWFs, but not until it is much farther down.

Dec 19 22:50 pm |Rating: 0 0 |Link to Comment |View article

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