Newspapers to sell buildings, but who's buying?
Associated Press reports: With revenue plunging as readers and advertisers flee to the Web, many newspaper companies have turned to selling off their buildings to raise money or save on costs. But now that option may be drying up too, as frozen credit markets make commercial real estate deals scarce. Largely as a result, the volume of office property sales in October — across all industries — fell about 60 percent from the same month last year, according to Real Capital Analytics. It also estimates the volume of leaseback deals this year has plummeted 55 percent. Such agreements used to be attractive deals for buyers, who got buildings with ready-made tenants usually locked into multi-year contracts. The volume of deals grew each year from 2005 to 2007.
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Posted by: Nina Turner