Wow, what a great two months we’ve had since I last posted to this blog! In February we had nine commercial brokers on the team – we now have 14, with two more agents ready to jump on board. We are currently handling approximately $150 million in listings and an exponential amount of potential heading into the spring selling season.
In addition to our growth in personnel, the marketing systems and tools for our clients is the best in the industry. Our graphic design templates, email programs, Client Connect platform and networking program made available through Houlihan Lawrence really give us the ability to add significant value and sets us apart from the commercial brokerage community in our area. We’ve really set the standard for services in Westchester, Putnam and Dutchess counties. And this is only the beginning.
We are now poised to meet an improving market. Statistically, the market is making headway towards healthy growth. We’re not there yet, but the trend is in the right direction.
Here are some statistics to consider:
National vacancy rates over the coming year are expected to decline 0.4 percentage points in the office market, 0.4 points in industrial, 0.3 points for retail and 0.1 points in multifamily, with that sector experiencing the tightest availability.
The specifics for each sector are as follows:
Vacancy rates in the office sector are forecasted to fall from a projected 16.0% in the first quarter to 15.6% in the first quarter of 2014.
Industrial vacancy rates are likely to decline from 9.6% in the first quarter of this year to 9.2% in the first quarter of 2014
Retail vacancy rates are forecasted to slide from 10.7% in the first quarter of the year to 10.4% in the first quarter of 2014.
The apartment rental market multifamily housing should see vacancy rates ease from 4.0% in the first quarter to 3.9% in the first quarter of 2014.
The above statistics are from an article in the March edition of Real Estate In-Depth. The full article is available here.
The markets in Westchester, Putnam, Dutchess and Fairfield counties continue to mirror this trend. Although we still have negative absorption in the office sector and only moderate to flat absorption in the retail and industrial sectors, we are trending with similar improvement to the national markets noted above.