The local commercial real estate market is expected to follow the path of the residential market and see significant reductions in value over the next year, while still staying better positioned than many other markets in the nation.
As the Washington Examiner discusses, vacancy rates in commercial properties in the DC area are currently at nearly 13%, the highest they’ve been in a decade, and commercial property values in some parts of the DC metro area are expected to drop by nearly 20%.
Looking on the bright side: property values will be dropping after the credit markets have had a chance to recover and rebuild themselves (unlike what happened with residential real estate late last year), so for commercial investors who sat out the recent boom, the coming year might be a good chance to purchase properties at good values.
Interested in talking to a commercial agent about what’s available in the current market? Let us know and we’d be glad to help you research your financing options, as well as put you in touch with a specialist for the area that you’re interested in.
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