Welcome Bill Armstrong, GRI – NAR’s 2011 Treasurer
How fortunate we are to have Bill Armstrong as NAR’s new treasurer. For the second consecutive term, a national officer is a commercial broker. A REALTOR® for more than 27 years, Bill is vice president of Mackintosh REALTORS® in Frederick, Maryland. “It’s quite satisfying to know Mr.Armstrong will continue the strong advocacy for commercial practitioners NAR has worked so hard on in recent years,” said Jan Hope, vice president, NAR Commercial Division.
Society of Industrial and Office REALTORS®
David J. Zimmer, SIOR, FRICS and Richard Hollander, EVP – SIOR traveled to the MIPIM conference in Cannes, France last month. Attended by influential real estate professionals, the meeting facilitates exploration of major international property development, connection with potential partners, and transacting deals.
By Barbara Hamlin, NAR Commercial Communications Manager
How is telecommuting going to impact commercial real estate in the coming years? Numerous research studies show it’s on the rise, and the changes will present some new opportunities for commercial brokers.
The overall forecast for the commercial market reported for Q1 – 2011 by NAR chief economist Lawrence Yun is stabilization. But Yun thinks that most market rents will remain soft except for multifamily.
By Buddy Norman, President, Keller Williams Commercial
The commercial real estate downturn skirted the sidelines for the first three years that residential markets were declining in 2006-2008, but once it hit, it hit hard. This CPI chart indicates commercial property values were on a steady uphill climb throughout most of the past decade – peaking in February of 2008, and then dropping precipitously through 2010.
High unemployment levels and vacancy rates continue to put pressure on commercial real estate values, which have plunged nearly 45 percent from their peak in 2007. Consequently, many regional and community banks have increased their capital reserves in order to offset their risk, especially ones with high concentrations of commercial real estate loans.
As a result, many small businesses – including companies that are credit-worthy and making their monthly mortgage payments on time – have encountered difficulty refinancing their maturing commercial mortgages.