By Barbra Murray
Most of the country’s industrial markets will be in a recovery or expansion mode this year, while only a handful of metros will see their office markets expand, according to Integra Realty Resources’ Viewpoint 2021 publication.
But until the reset of the economy—expected to occur at the midyear point—the firm remains cautiously optimistic about the overall state of commercial real estate.
“Overall, we’re still waiting to see the full fallout from the pandemic across the commercial real estate sector,” Anthony Graziano, CEO of Integra Realty Resources, told Commercial Property Executive. “As my late partner Michael Cannon used to say, ‘The market goes where the money flows.’ Transaction volume was way down last year, so we haven’t really seen the pricing adjustments that are yet to occur. But with the vaccine rollout continuing and everyone getting back to the physical office, hopefully by the third quarter, the outlook looks promising for the latter part of the year.”