Realtors See Booming Real Estate Market

SAN FRANCISCO

If realtors are right in their forecasts, there should be plenty of new customers for commercial and residential security contractors in the coming years. The National Association of Realtors (NAR) says the office, warehouse, retail and multifamily real estate markets can expect overall improvement through 2005.

The forecast was released at NAR’s annual Conference and Expo in San Francisco on Nov. 8. David Lereah, NAR’s chief economist, says the report points to a gradual improvement in the major commercial sectors. “The commercial real estate market can generally expect absorption of space to rise and vacancy rates to decline during the next two years.” he says. “The improving economy means there will be more job creation and a greater need for space, while a growing population will support multifamily housing.”

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