News reported that Wells Fargo economist told commercial broker last week that this year should signal the end of the economic decline for most commercial real estate sectors.
The recovery will be slow, however, Senior Economist Mark Vitner; spoke at the Grubb & Ellis forecast sessions in Orlando. 2018 that is the year the recovery phase is likely to take, Vitner said. It could take even longer if job growth were to remain on it present trajectory. Vitner said he has been seeing increases in nonresidential construction, as well as heavy industrial operations such as utilities. Retail, he added, is likely to continue to struggle. This projection is expected to remain slow to respond in part because of housing market that will not experience its typical spring boost, as buyers continue to have challenges in qualifying for mortgages.
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