Commercial Real Estate Market to Perform Well in ‘07
Before Christmas, Colliers International released its 2007 Real Estate Forecast. According to the report, the commercial real estate market is expected to perform well in 2007 despite the downturn in the residential arena and escalating energy costs.
Two interesting trends for 2007 also noted in the report is the adoption of “green” and “sustainable” practices in the real estate industry. While many residential developers and builders have been responding to this trend, commercial real estate projects such as office buildings will find themselves pressured by tennants pushing for more “green leasing” options.
The other notable trend is the continued gravitation toward mix-use developments. More and more developers are expected to embrace the idea of blending office, retail, residential and hotel formats.
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