Tampa Bay Commercial Real Estate Forecast Looks Gloomy
In a new report, PWC say that their Tampa Bay commercial real estate forecast estimates that improvements won’t be seen until 2012. James Thorner posts the following on tampabay.com:
PricewaterhouseCoopers has published a real estate investors survey that contained one surprise as far as I’m concerned: It doesn’t expect a Tampa Bay commercial real estate recovery until 2012.
Economists have generally forecast a 2011 recovery timetable. Apparently things are worse than expected.
The survey broke commercial real estate into four categories: Office, retail, industrial and multi-family/condo. PricewaterhouseCoopers suggested a 2012 recovery for retail, industrial and condo. But the survey was more pessimistic for office. It will still bottom craw in 2012. Or so the respondents say.
Keep in mind this survey is geared toward investors, not tenants. It’s trying to predict when real estate purchases would start paying off in terms of income and appreciation.
