Recent reports show optimism within the market is steadily growing. Florida commercial real estate broker Edward Kearney discusses possible reasons why.
March 10, 2010 – Reports that optimism has increased within the commercial real estate industry have recently surfaced despite the release of national data that paints a less positive outlook. West Palm Beach real estate broker Edward Kearney of Kearney Commercial Realty Inc./ Sperry Van Ness discusses the most probable causes for the increase in optimism among those dealing directly with the market.
Optimism in Moving Forward
A recent Congressional Oversight Panel report assessing the impact of factors affecting the industry’s outlook on the nation cites data some suggest could influence overall financial stability in a not so positive way. However, in moving forward following setbacks attributed to a devastating recession, many have found benefits in factors viewed as troubling to some. The following are three factors that may provide insight into why there is increasing optimism for the commercial real estate market.
• Increased activity – Commercial real estate transaction volume has reportedly increased significantly since then end of 2008, most notably in larger cities.
• Progression of healthy banks in lending – Several banks have been able to enact controls that have allowed them to avoid the pitfalls of real estate overexposure, leaving room for new lending practices.
• Special servicers taking progressive action – The high number of problem loans imparted on special servicers has prompted many to take more progressive action in disposing of them. The move to find different ways of creating value out of loans deemed nonperforming has been a welcomed change to the market in which this kind of activity is deemed a key factor for recovery.
About Edward Kearney
Edward Kearney is Managing Director of Kearney Commercial Realty Inc./ Sperry Van Ness in West Palm Beach. In addition to buying, selling, and leasing commercial real estate Kearney also specializes in commercial property tax consulting, tax abatements, tax appeal and reductions, and commercial real estate asset recovery services in Florida. Those seeking to learn more about investing in West Palm Beach commercial real estate or related activities are encouraged to visit http://www.svnpalmbeach.com, or contact the offices of Edward Kearney directly by calling 561-616-6262.
For more information about buying, selling, or leasing commercial real estate in West Palm Beach, please visit http://www.svnpalmbeach.com, or call 561-616-6262.
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