Cheap Land for Sale to Rise in Indiana- By: John Cutts
Sales of commercial real estate, and even cheap land for sale, are expected to improve further in 2011 in Indiana. Leases for commercial spaces are also predicted to improve compared with previous periods. According to analysts, the commercial real estate industry of the state achieved a partial recovery last year and this recovery is projected to continue this year.
Real estate experts have predicted that Fort Wayne repo homes and distressed residences all around the state will experience higher sales this year. Moreover, the same will happen in the commercial property market, where sales of distressed and foreclosed commercial structures are expected to top 2010 levels. According to experts, this will happen because majority of lenders would want to unload the commercial properties in their books that have loans in default.
Meanwhile, the office space sector is also predicted to experience growth in 2011. The vacancy rate for offices, particularly in Indianapolis, reached a record high in the 2010 second quarter at over 21%. As the number of repo homes in Indiana rose last year, the number of people leaving the state for another area also increased, leading to higher vacancies in office buildings and other commercial spaces.
However, the office real estate market did mount a recovery during the last quarter of 2010, resulting in the leasing of office locations covering more than 200,000 square feet. Construction activities for office structures also recorded their lowest level last year since the 1990s, according to realtors, but with cheap land for sale available to builders, office construction activities are expected to surge this year.
Industry experts, however, have warned that the predicted growth for the commercial property market will depend heavily on the state's job market. According to them, the growth in the area's employment should hold for the commercial market to maintain its growth and for properties on repo foreclosure listing to get sold. They added that, so far, Indiana's employment sector is doing quite well.
For the industrial real estate sector, analysts stated that cheap land for sale might encourage builders to start industrial construction projects this year. However, one particular concern for the segment is the anticipated closure of the Visteon and GM Stamping factories, which will result in a 4.8 million-square-foot vacant space.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.