Markets Start 2009 With Upward Bump
Commercial Property News reports: Instead of a lackluster lull after the New Year's holiday, investors decided to buy equities on Friday, driving the Dow Jones index up 258 points, or nearly 3 percent. The S&P 500 and Nasdaq were up even more, in terms of percentage: 3.16 percent and 3.5 percent respectively. GM, which recently won a short financial reprieve, led the way by gaining more than 14 percent, though that represented only 45 cents a share.
In commercial real estate, Real Capital Analytics is estimating that major office property transactions will total $53 billion to $55 billion for the entirety of 2008, compared with $207.2 billion during all of 2007, a year that's looking more and more like a high-water mark for the industry for a foreseeable future. In 2009, few expect improvements in either transaction volume, or in office leasing rates or rental rates that favor property owners.
View the full article on Commercial Property News: Markets Start 2009 With Upward Bump
Posted by: Nina Turner