I don’t believe that the commercial property market has ever recovered from the economic downturn.
I base this on a couple of findings. Close to home, my complex has a number of open for sales units. When I moved in all were filled and active. But as time progressed they emptied slowly and remain vacant. Two are owned by a bank that set them up as a loan center only to abandon them. These that are for sale have no lookers. Either the asking price is too high; there is no marketing being issued, or just no damn interest. But with multiple units available price is probably not the issue.
I am taking my youngest driving in industrial parks, to get him road time but with few other vehicles on the weekend. I have seen that there is an abundance of property for sale.
I am also working with a client who is looking to own a property again and we have looked at a whole lot of properties. I am surprised how much the asking price is based on condition and quantity. They continue to look for a solid place to call their own. But for the immediate future they continue to rent in a building that remains over half empty.
I have to think that we continue to teeter on the brink of recovery and backsliding.