Latest Federal Reserve Beige Book reports growth in commercial real estate

The Federal Reserve released its latest Beige Book, which showed solid growth in the commercial real estate industry.

Good news for commercial real estate companies and property management companies came in the form of the Federal Reserve's latest economic survey, also know as the Beige Book. Commercial real estate grew at a moderate to strong rate in all 12 regions surveyed. This time around, the survey, which is released eight times a year, covered late May through early July. The 12 regional banks are in Atlanta, Boston, Cleveland, Chicago, Dallas, Kansas City, Minneapolis, New York City, Philadelphia, Richmond, San Francisco and St. Louis.

One of the most encouraging signs to come from the survey was that the gains were ubiquitous. All 12 districts reported at least moderate growth in the commercial real estate sector, with Dallas showing especially strong improvement, primarily in leasing activity for office and industrial space.

More commercial construction was noted the Cleveland, Chicago, Minneapolis and St. Louis, with Dallas also showing solid growth in that area. Atlanta, Philadelphia and Richmond reported that construction was flat to slightly up.

On top of the positive growth numbers in the commercial real estate sector, banking conditions also appear to be getting stronger. Loan demand increased modestly in the period, with bankers in some districts reporting competitive pressure to reduce loan pricing. Dallas, Kansas City, New York and Philadelphia all reported improvements in credit availability.

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