We're getting ready for the June issue of Midwest Real Estate News. As we put the issue together, I've interviewed several commercial real estate pros across the Midwest, and I always make sure to ask their opinion on whether they're seeing any signs of a rebound in the commercial real estate industry.
So far, commercial real estate pros have suggested that there may be a glimmer or two of hope out there. But for the most part, they say, business is still incredibly slow. The big problem, of course, is financing. It's a huge struggle, still, to get any.
James McShane, chief executive officer of Rosemont, Ill.-based The McShane Companies, summed it up this way for me:
"The good news is that we are not overbuilt in most categories. The bad news is that the economy is still not growing. There just is no need for a lot of new construction. We think that the spiral will come to a stop some time in the fourth quarter. But we are all interested in seeing what will be the first industries to come out of this recession."
There is a lot of uncertainty out there in commercial real estate. And it doesn't look to be going away any time soon.