U.S. commercial real estate ready for comeback: Prudential
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20/07/2010 11:40:00 PM
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Commercial real estate in the United States should recover faster than it did after the 1990s recession, as wealthy investors dealing with a limited supply compete for properties, says Prudential Real Estate Investors.
New construction has dropped significantly because of the lack of financing options available for developers, keeping the supply of commercial spaces low while demand among investors looking for deals in the down market continues to increase, the firm says.
Prudential told Reuters that it is "relatively optimistic" about business improving for office, apartment, hotel and retail spaces, but that rising interest rates could hurt the sector’s comeback.