Commercial Real Estate to Grow Marginally in 2013-2014
The Olympia commercial real estate market has seen its fair share of ups-n-downs since 2008. The market has taken an overall toll on comercial buildings. Watching office space after office space become vacant due to un-attainable rents, to now, where landlords are finally bringing down the cost of rent, hoping to refill the vacant spaces. However, 2013 looks to have the potential to see gains in comercial real estate.
Another sign that this Olympia real estate market recovery is real are reports coming from Forbes that expect to see a marginal increase in new commercial construction activity. Also, looking forward to 2014-2015 they predict an increase in prices and operating income.
So what does this mean for you. If you are a renter, it would be best to lock in as long a lease as your willing to sign. You will see higher increases in rent within the next year or two, and you will want to lock in those rates for as long as possible. Landlords will want to lock in long term tennants for 2-3 years, in order to take advantage of rising rates in the future.