Commercial real estate faces tough times ahead
As consumers and businesses continue to face foreclosures and other problems with debt, a recent survey indicates things may not improve for some industries in the coming year.
According to the poll from the Turnaround Management Association, 49 percent of respondents said that economic improvement in “distressed” industries will probably not come until the latter have of 2010.
Though about 30 percent of respondents said they felt the economy has made it through the worst part of the recession, 20 percent felt as though it “has yet to hit rock bottom.”
Of the industries facing difficulties, 75 percent said they felt the commercial real estate market will face the toughest time in 2010.
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Thirty-one percent of respondents mentioned the automotive market would continue to face difficulties, which is down from the 51 percent who said so in 2008. Last year, the auto industry was predicted to have the most difficult time because of economic stress.
Regarding threats to struggling industries, 92 percent of respondents said the economy posed the greatest risk. Those polled said that the industries that will do better in the coming year will have to rely on an increased demand for products and services, along with a general improvement in the economy.
Respondents to the survey also said that unemployment could be lowered by tax incentives, investments in technology and capital spending, assuming that an economic recovery doesn’t create jobs on its own.
“To a lesser degree, respondents think stimulus spending to create public works and youth employment projects and repatriate manufacturing jobs could help absorb some of the millions of out-of-work Americans,” a report from the TMA said.
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Source: http://www.credit.com/news/housing-market/2009-12-31/poll-commercial-real-estate-will-face-the-toughest-time-in-2010.html
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