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Despite current struggles in the national economy, the outlook for the national commercial real estate market looks good. According to the annual Emerging Trends In Real Estate report released by Urban Land Institute and the accounting firm PricewaterhouseCoopers, the national commercial real estate recovery will continue to advance in 2013 with modest gains in leasing, rents and sales prices.
The report said that recent job creation should be enough to increase absorption and drive down vacancy rates in the office, industrial and retail markets. Furthermore, the recovery the prospects in the industry are ?noticeably? better compared with last year, even though the recovery track continues to be slower-than-normal.
Stephen Blank, a senior fellow at the institute, said the following about the report.
?What these findings suggest is that, in general, the industry is moving forward bit by bit. Nothing indicates a quick turnaround for commercial real estate, but it is improving.?
The outlook for the apartment sector is also strong for 2013. The report noted that the growth in the apartment market has been the most robust of any commercial property type, and there are no signs of that growth slowing even with new construction coming online next year.
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