“Shark Tank” star and real estate mogul Barbara Corcoran issued a stark warning about the future of the commercial real estate market as buyers and sellers head into the summer months.
Appearing on FOX Business’ “The Claman Countdown” this week, Corcoran said the commercial real estate market is headed towards “trouble.”
Despite a plethora of commercial vacancies in cities, people aren’t going to jump on them for “pennies on the dollar” because there isn’t enough “confidence” to purchase these buildings right now.
“No one really believes it’s going to turn the corner,” she said bluntly. “People are staying home. Our best office buildings in midtown Manhattan are 50% occupied, and in most major cities or in secondary cities, we have a 20% vacancy rate. No one wants to take that chance.”
Corcoran’s stats reflect a larger trend nationally.
According to data obtained by NBC from commercial real estate company JLL,