BOMA: CRE market shows improvement

The commercial real estate market has improved.

Market conditions for property management companies improved in recent years, according to a report from BOMA International.

While recovery rates haven't accelerated as quickly as many expected, there is still some positive aspects to the current commercial real estate industry. So much so, that the report explained that the situation is better now than it was four years ago.

"These findings demonstrate improving conditions in commercial real estate markets over the past four years," said Joseph Markling, chair of BOMA International. "Overall, we remain optimistic about the future of the commercial real estate industry."

More than 55 percent of expenses fell during the period, while the most significant slip in price was roads and grounds maintenance, which dropped 4.3 percent to less than $0.25 per square foot, the report said.

The average total rental income earned per square foot jumped $1.56 in the past four years, the report noted. Income levels rose from 2008, as the latest was $1.57 per square foot higher than that point, for a total of $26.90 per square foot.

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