Lexington experiences CRE recovery gains in 2012

The commercial real estate market in Lexington, Kentucky, may strengthen through this year.

Property management companies in Lexington, Kentucky, experienced improving conditions surrounding the local commercial real estate market.

Overall vacancy rates in the retail sector fell to 5.6 percent at the end of 2012, according to a report from NAI Isaac Commercial Properties. This was markedly lower than the midway point of the year, when it was 6.1 percent.

Office space in the downtown area also showed significant improvement, as it fell to nearly 14 percent, more than 6 percent lower than the previous report, the Lexington Herald-Leader noted, citing the report. The rate in the greater metro area fell to 13.1 percent, also a drop of 6 percent.

"We're continuing to improve despite the national and local economy not being exactly what people want," Al Isaac, president of NAI Isaac, told the news source. "We are progressing, and our commercial real estate market is in really good shape."

This may be good news for the market in the coming months. At the national level, the commercial real estate market may be better due to many markets experiencing rapidly declining vacancy rates, according to Avison Young. This is because the national market finishing the year strong, despite economic worries.

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