Commercial real estate market recovery expected

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Metro-area commercial real estate markets are expected to gradually recover from record-high vacancy rates in late 2010, as businesses lock in on lowered leasing rates, Portland firm Grubb & Ellis reported this week.

The company expects metro-area firms to expand hiring in the clean energy industry later this year, which could push requirements for office and industrial space and lead to the commercial leasing market’s recovery.

In the meantime, Grubb & Ellis expects sales of commercial real estate, such as empty retail space, to increase by 20 to 30 percent over 2009 levels as distressed, bank-owned assets are put on the market.