Commercial property refers to property used for business purposes. It's a popular area for investors who then rent out the building to other individuals or companies who use the space to run their business. The U.S. commercial property sector is comprised of the following key segments: industrial, retail, office, lodging and amusement. The value of private office construction starts in the United States amounted to 6.6 billion U.S. dollars in the first half of 2017.
The commercial construction industry in the United States has been steadily expanding since 2010. In 2016, some 74.24 billion U.S. dollars worth of commercial buildings were put in place in the United States. The number of people employed in the industry has increased accordingly, which is forecast to continue through 2017.
Commercial rents are on the rise in all sectors. Average retail rent was projected to rise 0.9 percent by the end of 2016. Rental rates in the office real estate sector was set to increase by one percent in the fourth quarter of 2016.
Vacancy rates both in retail and industrial real estate sector show a declining trend and were projected to amount to 11% and 6.3% respectively as of third quarter of 2018.
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