(NAR) -- Commercial real estate in REALTOR® markets continued on a stabilizing path during the second quarter of 2012. Based on the results of the July Commercial Real Estate Market Survey, market activity at the national level posted improvements compared with the first quarter of the year.
On the leasing side, activity rose four percent over the previous quarter, indicating rising demand. On the supply side, new construction is showing signs of improvement. Vacancies declined for all property types, except office. Industrial rates declined 15 basis points, to 15.5 percent while retail rates decreased 50 basis points, to 15.8 percent. Multifamily properties recorded vacancies of 7.2 percent in the second quarter, down 14 basis points from the first quarter. Office availability rates rose from 18.0 percent in the first quarter to 24.7 percent in the second quarter.
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