If you haven’t heard this statistic, it’s a little shocking: $1.3 trillion dollars of commercial debt has to be refinanced by 2012.
Yep, that’s harsh. But NAR is working hard to make sure sound policies are put in place to reinvigorate the commercial sector.
We’ve secured several victories just this year. Among them are gaining an extension on the TALF program and testifying in July front of the House Joint Economic Committee on the condition of the commercial market.
But I want to tell you about two more recent developments. NAR has mobilized a coalition of industry associations and private companies to lobby legislators and regulators on behalf of the commercial industry.
The coalition has already had several meetings and has formed a policy statement to guide its policy recommendations. Listen to 2009 NAR Treasurer and commercial practitioner Jim Helsel’s podcast on Tuesday, October 27th to hear more about them.
Secondly, NAR has helped protect commercial practitioners from facing increased regulations in their work. The House Financial Services Committee exempted real estate brokerages and management firms from being subjected to financial services reform.
The exemption for real estate brokerages included commercial practitioners. This is an important win for commercial practitioners.
We are making steady progress in the commercial sector. In fact, the office sector has seen a 24 percent increase in sales compared to the second quarter. Prices also saw a boost. So far in the third quarter, prices have hovered around $215 per square foot, compared to $145 in the second quarter.
NAR is doing everything it can to organize our members and promote smart policies that will boost commercial business.
A great way to boost your own business is by coming to the 2009 REALTORS® Conference and EXPO. There’s a fantastic line up of networking opportunities and educational sessions for commercial practitioners as well as all NAR members.
Condoleezza Rice, Sugar Ray Leonard, and Reba McIntire are just some of the special guests joining us.
There’s no better time than now for all members to be coming together to talk about how to reinvigorate our industry. I look forward to seeing you there! – Gary Thomas, 2009 NAR Vice President and Liaison to Government Affairs