All sectors of commercial real estate are seeing improvement, but not all are bouncing off the bottom with the same level of strength, said Cassidy Turley Managing Partner Jeff Henry.
Henry stopped to chat following the IBJ’s Commercial Real Estate & Construction Power Breakfast on Oct. 8 at the Westin Indianapolis (see video below). His headline take: The commercial real estate market has seen the worst but isn’t far off the bottom yet.
Industrial is leading the charge, with higher occupancy rates locally than in other markets. Retail is lagging, thanks to persistently high unemployment and mediocre consumer confidence. Medical remains a bright spot.
Henry also discussed the booming auction market. As IBJ reported in Monday's print edition, banks have been slow to put distressed properties up for sale but are now starting to move more quickly.