A new report from the National Association of Realtors claims that 2009 will be a difficult year for commercial property.

The report says that a lack of credit and the global downturn will take a heavy toll on real estate sectors.

NAR chief economist Lawrence Yun said: “The credit crunch has especially hammered down some components of NAR’s commercial leading indicator.”

The issue may lead to knock-on effects in the office space rental market.

New research says that Hudson County in Jersey City boasts the lowest vacancy rate in commercial real estate.

The amount of rented office space standing vacant was the lowest in the state over Q4 of last year, the report from the Edward J Bloustein School of Planning and Public Policy said.

During that time, Hudson County had 2.14 million square feet of vacant office space.

The news provides a glimmer of hope for the local commercial real estate market during this time of recession.

Commissioners in Winona County, Minnesota, may commission an architectural study into the possibility of building an addition to the county’s Third Street Office Building.

The commissioners are currently divided on the issue, but Commissioner Mena Kaehler said that the county does need new office space, despite the recession.

At present, the county is paying $92,000 per year of rented office space. The new building could cost up to $400,000 per year for 20 years, but this figure is still less than the county’s budgeted $2.2 million for the project.

The president of Atlanta’s Federal Reserve, Dennis Lockhart, has warned that the US is headed for a commercial property crisis.

In a speech yesterday, Lockhart said:

“”Many banks are pretty heavily exposed to commercial real estate. It is also a big part of the securitization market. So commercial real estate is one that concerns me.

“Around $400 billion of commercial real estate refinancing was hanging over the market and I am monitoring its progress with care.”

New figures released by Moody’s/REAL National All Property Tupe Aggregate Index reveal that commercial property prices fell by nearly 15% last year.

The index measures investment and sales in the American commercial real estate sector.

Neal Elkin, president of Real Estate Analytics LLC, commented: “The market has not seen this price level since 2005, erasing three years of gains.”

Whilst the financial crisis fuels demand for domestic rented accomodation, construction of office space for rent continues to grow in Las Vegas.

Pacific Concepts has just completed the $6.9 million initial stages of a five-acre office and retail completed called Exchange 215 in the region.

This demonstrates the continuing need for property rental development in the area.

New research claims that office space vacancy is set to rise until 2012.

Torto Wheaton Research said that after this point, vacancies will begin to decline again.

Until then, the analyst claims, rents will drop by 20% below current levels.

The most recent Allen Matkins/UCLA Anderson Forecast claims that office space in Los Angeles will decline for the next three years.

The report says that, due to the recession, office space development will deteriorate until 2011.

UCLA Anderson Forecast senior economist Jerry Nickelsburg said: “The unexpected autumnal freeze in commercial real estate credit markets and the precipitous drop in retail sales changed the outlook for new office projects dramatically.”

New statistics show that office space vacancies in Santa Clarita, CA., grew quickly during December.

The figures, calculated by CoStar Group, said that available office space in the city rose to 26.4% during the last month of 2008.

This is the highest rate of vacancy in the area in 10 years.