Commercial Real Estate On Upturn In Indiana
Indiana's commercial real estate sector is performing better than it has since the recession hit back in 2007, but a lack of clarity in Washington, DC is holding it back.
That's according to Jason Tolliver, research director for Cassidy Turley. Tolliver spoke at "The State of Real Estate" at Clowes Hall at Butler University Thursday. Tolliver says businesses remain in a "wait and see" mode given the continued debate over the national debt, taxes, government spending and overall economic reform.
Tolliver says the Indiana industrial market has grown for 14 straight quarters, the office market has grown for six straight quarters, the industrial vacancy rate is three percent and the office vacancy rate in Indiana is dropping. Tolliver says Indiana's commercial real estate market was fairly balanced when the recession hit. He says that helped it recover quicker than other markets. Ultimately, Tolliver says clarity from Washington is needed to set the commercial and housing markets back on fire.