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Commercial market could face major problems

Thursday, October 22, 2009

Commercial properties are having a hard time finding renters.
Commercial properties are having a hard time finding renters.

Construction equipment may not be moving anytime some when it comes to commercial development, especially when one considers how badly buildings that are already up are faring in the rental market.

A recent report from MSNBC noted that a second mortgage bubble may be facing the economy as commercial space has a hard time finding takers. The report noted that over the next few years, people who own commercial space and those who have invested in it through loans are going to have a hard time as mortgages on the properties come due.

"Much like homeowners who now owe more on their mortgage than their house is worth, many commercial property owners have seen the value of their properties plummet, increasing the risk of default on hundreds of billions in commercial real estate loans," the story from MSNBC stated.

Along with the commercial real estate market, people who deal with residential construction have seen a fall in business. According to the U.S. Census Department and the Department of Housing and Urban Development, September saw a 3 percent drop in building permits issued for single family homes.
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