Experts: Commercial Real Estate Is the Driving Force of Real Estate in 2011

February 17, 2011 at 6:32 pm Leave a comment

A report issued by CB Richard Ellis sums up the opinion of 200 real estate executives that commercial real estate, namely the office market, will be the driving force of the Spanish real estate market in 2011.

The market is looking good for central offices that are situated in prime locations. 72% percent of the real estate executives hope that rental fees remain stabile and 28% of them hope that prices will rise.

The biggest change of scenario is concentrated in the residential market; 75 percent of respondents believe that residential prices will continue to fall, while six in ten believ ethat these cuts have already occurred in major urban centers likeMadrid and Barcelona. The bulk of the adjustments will occur in pre-owned houses, especially in Costa del Sol and Levante. The executives surveyed believe that residential activity will naturally change this year.

The current economic crisis has left in the hands of financial institutions a large stock ofunsold homes, what has become a major player in the residential market. In fact, 51 percent of managers believe that these portfolios continue to increase this year. Developers and financial institutions should work together, therefore, in order to dispose of these assets efficiently.

 

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Entry filed under: Commercial property, News, Real estate. Tags: , , , , , , .

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