Real estate professionals in the the commercial sector experienced notable gains so far this year, and these improvements continued in the third quarter in a number of key areas.
During the three-month period, the nationwide vacancy rate for office buildings declined 20 basis points from the previous quarter to 15.5 percent, according to a report from the CBRE Econometric Advisors. Meanwhile, property data shows the vacancy rate among industrial properties fell to 13.1 percent.
"Real estate occupancy continues to improve slowly, mirroring the sluggish economic recovery," said CBRE managing director Jon Southard. "However, local conditions continue to vary widely."
Some experts believed a slowdown in job creation so far this year would hinder gains in the office sector, but this was not the case. Lagging construction rates on these types of properties was a major factor which contributed to success in the sector, as renters and buyers had fewer options.
Once the presidential election ends and lawmakers come to an agreement regarding the impending "fiscal cliff," confidence in the sector could surge, which may result in additional gains during the course of 2013, the report said.