Austin forecast to have 10th best real estate market

According to a recent Grubb & Ellis Co. report, Austin is expected to have the nation’s 10th best commercial real estate market in the years 2011-2015.  Real estate analysts say that Austin’s commercial real estate market will remain strong due to the city’s highly educated workforce, low business costs and high quality of living.

Other cities in the top 10 commercial real estate markets were New York City, Los Angeles, Washington D.C., Raleigh, Boston, Portland, San Diego, San Fransisco and Oakland.  The report says four out of five of Austin’s commercial real estate sectors saw growth in 2010.  The only sector still struggling is industrial real estate.

Robert Bach of Grubb & Ellis stated in the report, “All things being considered, 2010 was actually better than most anticipated it would be- we saw positive net absorption and an uptick in investment sales during the second half of the year, positioning us for a continued recovery in 2011”.

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