According to the latest NAR Commercial Member Profile, commercial members experienced a 7 percent jump in median sales volume for 2006, reaching a median of $2.249 million in sales. Selling land was the single largest commercial specialty for respondents, accounting for 19 percent.
WASHINGTON - May 21, 2008 - Reflecting a strong commercial real estate market last year, commercial members of the National Association of Realtors® (NAR) surveyed for the NAR Commercial Member Profile experienced a 7 percent jump in median sales volume for 2006, reaching a median of $2.249 million in sales. Respondents closed a median of eight transactions, the report noted.
Those members affiliated with one of NAR's affiliated commercial specialty groups achieved higher totals, led by members of the Society of Industrial and Office Realtors®, who had a median of 25 transactions in 2006. Experience also played a role in increasing sales volume; members who had worked in commercial real estate for 26 or more years reported a median sales volume of $5.057 million.
Selling land was the single largest commercial specialty for respondents, accounting for 19 percent of business activities among members. Other principal business activities for commercial practitioners included multifamily sales (11 percent), retail building sales (10 percent), and office building sales (8 percent).
Accounting for 11 percent of total business activity among commercial members, office leasing was the only leasing or management activity that reached double digits among respondents. Commercial members involved in leasing activity saw a 12 percent increase in leasing activity during 2006. Median lease transaction volume for members was $183,300. As with sales, the dollar value of lease transactions increases with business experience, reaching $187,000 for members with 16 to 25 years of commercial real estate experience.
A summary of the report's findings was presented last week during NAR's Midyear Legislative Meetings and Trade Expo in Washington, D.C.
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