Commercial pick-up predicted in Q4

The president of Grubb & Ellis Commercial Florida predicts that most commercial real estate sectors will see some improvement during the fourth quarter of this year and all sectors should see bigger gains in 2009, though recovery will be slow. Jeffrey S. Sweeney, president and management partner at the Orlando-headquartered firm, says the commercial cycle is near bottom and that industrial and office markets should pick up next year, particularly in the last six months of 2009. Sweeney said Grubb & Ellis Commercial Florida’s revenues dropped about 15 percent during the first half of 2008.