One of the truisms we know about real estate is that commercial usually lags residential by nine months to a year, whether it is going into a recession or coming out of one. Well, here we are again. The residential market in most parts of the country has already shifted from a buyer's market to a seller's market, largely due to lack of supply. While Connecticut is lagging behind other places, it too is showing signs of marked improvement. Prices here have not risen on the whole, but are certainly poised to do so at any time. Multiple offers are commonplace lately, and inventory in certain submarkets is tight.
What does that augur for commercial sales and leases? We expect to see increasing demand and decreasing supply by the middle of the year, and much of that will be tied to consumer demand. If you look around any restaurant, you can see that purse strings have loosened. Retail is turning around, and, if we're lucky, office will follow. Let's all hope so!