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A strong economy will continue to strengthen office markets nationwide in 2007 while the weak housing sector could hurt industrial and retail property, reports Grubb & Ellis. Continued demand for office space should cause rents to rise by 5% or more in 20 central business districts, according to the firm's report. Demand for industrial space, meanwhile, is projected to drop by 30 million sf. The retail property market overall will remain in equilibrium, but there will be drops in absorption and construction, particularly of retail centers targeting new residential neighborhoods.
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