Office property sales hit new low
Financial Week reports: Sales of U.S. office properties totaled $13.5 billion in the third quarter of 2008, the lowest level since early 2004, according to figures released today by Real Capital Analytics.
“Some of the remaining lenders and active buyers are now opting to join the rest of the players on the sidelines, and hopes for an active Q4 have dimmed,” the report noted. “It is now likely that office property sales in all of 2008 will not even exceed the volume recorded in just the first quarter of 2007.”
Medical office properties stood out as a comparatively bright spot in the office sector. Although the volume and prices of medical offices transactions have fallen along with the broader sector, year-to-date medical office sales as a percentage of office sales more than doubled, to 6.5%, according to Real Capital.
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Posted by: Nina Turner