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Commercial Real Estate

Five best and five worst commercial real estate markets

Honolulu is hot hot hot

ade520f514df5f8ecb00966ecb6db0b4According to a Moody’s report earlier this month, U.S. commercial real estate markets showed some spark of life in the last quarter of 2009. The rating agency attributed that improvement to increasing demand and a shrinking supply of current inventory.

Moody’s listed the five best markets in the U.S. during Q4:

  1. Honolulu
  2. Orange County, Calif.
  3. New York
  4. San Jose, Calif.
  5. Pittsburgh

And Phoenix is not not not

The five worst markets during the period?

  1. Phoenix
  2. Detroit
  3. Wilmington, Del.
  4. Trenton, N.J.
  5. Atlanta

Still a huge supply glut

In a CB Richard Ellis Special Report, the commercial firm stated that the New York (specifically Manhattan) leasing market ended up in the first quarter of 2010, but that the city still must deal with a huge supply issue.

It will take time to eat through that oversupply of commercial properties on the market, and glut of vacant retail outlets. But even as we see a glimmer of hope, commercial defaults and foreclosure are on the rise. Real Capital Analytics says default rates more than doubled since the same time period a year ago, from 1.6% to 3.8%, and could hit 5% later this year.

CC Licensed image courtesy of sheepbackcabin via Flickr.com.

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Written By

Erica Ramus is the Broker/Owner of Ramus Realty Group in Pottsville, PA. She also teaches real estate licensing courses at Penn State Schuylkill and is extremely active in her community, especially the Rotary Club of Pottsville and the Schuylkill Chamber of Commerce. Her background is writing, marketing and publishing, and she is the founder of Schuylkill Living Magazine, the area's regional publication. She lives near Pottsville with her husband and two teenage sons, and an occasional exchange student passing thru who needs a place to stay.

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