The Real Deal Miami

Commercial real estate market recovery to come in 2017, Parkus said

June 22, 2009 03:21PM

The country’s commercial real estate market is unlikely to recover until 2017, Richard Parkus, the head analyst of commercial mortgages for Deutsche Bank Securities, said today. Until then, commercial real estate values could fall by more than 50 percent from their 2007 peak, Parkus said. In New York, rents are already down about 50 percent if free rent and other incentives are factored in. Business Week reported that the residential real estate market will likely rebound in 2012.