Commercial Property Vacancies Near Peak, Realtors Say

U.S. commercial property vacancies may have peaked, led by a rebound in apartment buildings, as an improving economy spurs more demand for space, according to the National Association of Realtors.

“The basic fundamental of rising commercial leasing demand, resulting from a steadily improving economy, means overall vacancy rates have already peaked or will soon top out,” Lawrence Yun, chief economist of the real estate group, said in a statement today. “Multifamily housing is the one commercial sector that has held on relatively well in the past year, and can expect the best performance in 2011.”