With Rising Valuations, Trophy Office Owners in a Selling Mood
International Business Times reports: Real Capital Analytics tallied $8.7 billion of office offerings brought to market in April, which was the highest level for that sector in new for-sale properties since 2008. The International Business Times recently cited this figure to explain some of this year’s largest office offerings, which include the Willis Tower in Chicago, Manhattan’s Seagram Building, and several others in the nation’s leading cities. As prices for such trophy towers in the most desirable markets rise steadily towards their 2007 highs, current owners are looking to cash out before spurious economic factors erode their potential profit. Already in May, RCA has tracked $10 billion in new office offerings, which is the highest since the fourth quarter 2007.
The recent rise in offerings comes in contrast to just last year, when office owners were reluctant to sell their properties during the low valuation environment.
View the full article on International Business Times: With Rising Valuations, Trophy Office Owners in a Selling Mood
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Posted by: Nina Turner