There is a growing demand for the nation’s commercial real estate thanks to an improving economy and job creation, according to the National Association of Realtors (NAR).

"Job growth creates demand for commercial space, and the economy should be adding between 1.5 million and 2 million jobs annually both this year and in 2012, with the unemployment rate falling to 8 percent by the end of next year," said Lawrence Yun, NAR chief economist. "Given the minimal new supply in recent years, the rising demand means vacancy rates will be trending down in the commercial real estate sectors. Individual markets are now stabilizing and in some cases rising."

From the second quarter of this year to the second quarter 2012, NAR forecasts vacancy rates to decline 1 percentage point in the office sector, 0.9 point in industrial real estate, 0.5 point in the retail sector and 1.1 percentage points in the multifamily rental market.