The National Association of Realtors held its Economic Issues and Commercial Real Estate Business Trends Forum at the 2011 Realtors© Conference & Expo this month exploring the conditions in real estate and particularly the commercial real estate industry in tandem with the nation's economic recovery. Chief Economist Lawrence Yun shared his predictions for the commercial real estate market in 2012 and 2013, anticipating a steady improvement in commercial real estate markets. Yun was joined by Kenneth Riggs, president and chairman of Real Estate Research Corporation (RERC) and chief real estate economist of the CCIM Institute, and Robert White, founder and president of Real Capital Analytics, who shared his outlook for slight improvements in commercial real estate markets in the year ahead.
"I anticipate a small recovery in the next year in home values, which would help small business owners; however, that's only if legislators and regulations don't add obstacles to hinder the housing market recovery, such as modifying or eliminating the mortgage interest deduction or increasing down payment requirements," said Yun. He predicted moderate improvements in commercial real estate markets and the broad economy because job growth and other economic factors are slowly improving. He said that despite the stock market's volatility, it is performing higher than it was in 2008, making it easier for companies to raise capital and for consumers to gain wealth. Yun doesn't anticipate a second economic recession in the near term, because of the strong cash potential that businesses could release into economy, which would help the country avoid a second recession. He said that international trade is expanding and that international home buyers are taking advantage of the weaker dollar and investing in commercial and residential real estate.
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