Commercial property forclosures expected to be next wave in recession
South Florida’s residential and commercial real estate markets suffered in 2008, and the new year doesn’t figure to offer much relief.
Although home sales started picking up this summer, the beleaguered housing market has been hammered by foreclosures and falling prices. Both trends are expected to continue.
Meanwhile, the sputtering economy has local businesses retrenching and cutting jobs, dealing a blow to the retail, office and industrial sectors.
What follows is an outlook of the region’s residential and commercial markets as 2009 approaches: