Real estate services and investment firm Grubb & Ellis Co. (GBE) said it expects 2010 commercial real estate fundamentals to decline more slowly than in 2009, with most property types reaching bottom near the end of the year and beginning a slow recovery starting in 2011.
In its 2010 Real Estate Forecast, the company said, "The good news is that the freefall we saw in 2009 is over and the future is more certain, giving owners and users of real estate the confidence to begin making decisions again."
The company predicts that the commercial real estate investment transaction volume will grow in 2010, while the prices may decline another 10% to 20% in order to meet buyers' expectations.
The national office market's vacancy rate is expected to reach 18.5% to 19% by the end of 2010, the highest on record since Grubb & Ellis began tracking the national market in 1986.
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