Commerical Real Estate To Grow In 2012
ST. LOUIS, Mo. (KMOX) – Commercial real estate experts are projecting that 2012 will be a good year for those wanting to buy or rent office or industrial space.
The Society of Industrial and Office Realtors St. Louis President, David Morris says retail real estate is the only area not looking up this year. He pointed to consumer confidence, saying most retail businesses are likely to spend their money on improving their current space, rather than expanding.
Office space in Clayton is seeing the most growth, while North County and downtown St. Louis rental rates are still low. He says big companies like Peabody Energy and Stifel Nicholas have expanded, but it’s mid-market companies that are spending money on improving technology and hiring rather than expanding office space. But he says as more people are hired, companies will eventually be forced to expand office space. Consumer confidence is expected to rise after the presidential election in November, which Morris says will help commercial real estate.
KMOX © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.