The Austin investment sales market tumbled 83% in the first half of 2008, as reported in our July 2008 Capital Trends Monthly. That drop for this high-flying market - which last year was a target for REITs such as Cousins Properties (CUZ) - was steeper than the declines experienced in other major Texas markets Dallas and Houston.
Altogether, 28 commercial properties sold in the Austin area during the first half of 2008, 68% fewer than in 2007; the total sales take was about $689 million, 83% down from the first half of 2007.
What sold?
- 18 apartment properties ($446 million)
- Two industrial properties ($58 million)
- Six office properties ($151 million)
- One retail property ($42 million)
- One hotel ($3 million)