While home prices in the Valley continue to drop, the commercial real estate market finally seems to have leveled off, according to new reports from the W.P. Carey School of Business at Arizona State University.
"If the historical pattern is followed, which appears to be the case, 2011 should see a significant improvement in commercial prices, basically a recovery from the distressed levels of 2009 and 2010," professor Karl Guntermann, who authored the reports with research associate Adam Nowak, said in a news release. "However, the improvement in the commercial market for the next few years is likely to occur fairly gradually, given the expected recovery in the Arizona economy and unusually high vacancy rates in all sectors of the commercial market."
Guntermann said that odds are good that the housing market will end 2011 "a lot better than it will be beginning it."
The new reports can be found at http://wpcarey.asu.edu/realestate/housing-market-reports.cfm and http://wpcarey.asu.edu/realestate/commercial-market-reports.cfm.