The commercial real estate market in Connecticut, according to the second quarterly survey done by DataCore Partners LLC, Connecticut Economic Resource Center, and Connecticut Business & Industry Association, has signs of improvements. According to a report, the Unites States recovery on the commercial real estate market began in 2009, but Connecticut began to see developments last year.
A recent Moody’s Investor Service report shows United States commercial property prices climbed 0.6% in November 2010 from October, the third successive gain, as the country’s economy shows signs for further recovery.
Sales on commercial property in the United States, according to real estate company, Jones Lang LaSalle, about 62 percent increase is recorded for the fourth-quarter profit, with sales in the commercial real estate market doubled to $134 billion.
The latest data for the state shows result from slow job expansion, guarded consumer spending, and the possible change on the consumer’s buying trends.
But, survey respondents are still pessimistic about the commercial real estate market in Connecticut. Only about 8 percent of the respondents think positive about the outcome of the market.
The office commercial real estate market sector is also showing signs of recovery as employment growth start to increase — modestly. The industrial sector in the state is also increasing as demand for exports rose abruptly.
Retail and investment real estate market are also show some signs of development, but retailer in the state still continues to face unstable consumer spending.
The survey was done during the fourth quarter of 2010 and majority of the respondents are real estate professionals in the commercial real estate market across the state.