Happy New Year! Now that 2013 is underway, GbBIS takes a look back and reviews 2012’s commercial real estate market. What worked, what didn’t, and where is the market headed?
At the end of 2011, there was a lot of commercial real estate activity, leading brokers to predict a market surge in 2012. While we saw a great number of businesses buying and selling real estate in the beginning of 2012, the year mellowed out and ended in what brokers referred to as “more of the same.”
The main issue that brought the commercial real estate market down was unemployment. With so many people out of work, many retail, office and industrial spaces had record numbers of vacancies. Brokers who expected a good real estate year in 2012 are now hesitant about making predictions for the 2013 market.
Nevertheless, there were some positives in 2012. While unemployment was high, the US population grew and construction on new homes and commercial centers increased in multiple cities across the country. Retail sales were also strong, especially around the 2012 holiday season.
It has been a tough year (many would say a tough decade, even) for the commercial real estate market, but many are hopeful. Brokers think demographic shifts, as well as higher employment rates could lead to more businesses buying retail, office, and industrial real estate.
If you own a piece of commercial real estate, or if you are looking to buy, you need to know what features contribute to the value of your business site. Demographics, streets and highways, competition in the area—these things all determine how attractive a business site is.
GbBIS offers a comprehensive collection of geography-based tools to help you evaluate any site. Our products help you visualize those things that affect the value and appeal of your business. We can evaluate your location and even provide you with a market potential score.
Contact GbBIS today. We can help you select better locations for your business