Office prices spur renters to buy
The News & Observer (Raleigh, NC) reports: More companies, government agencies and institutions are considering becoming their own landlords. They're taking on
the hassles of building maintenance and the risks of property investment, but hoping to save on occupancy costs as real estate prices
fall.
In the the Research Triangle of North Carolina, owner-occupants accounted for at least $95 million in office
sales last year -- more than three times the total in 2007, an analysis
of data from Real Capital Analytics and CB Richard Ellis shows. Almost
one quarter of last year's volume was attributed to occupants buying
their spaces, up from about 3 percent in 2007.
Just $409 million in Triangle offices were sold in 2008, 50
percent less than in 2007, according to CB Richard Ellis data. Those that did
sell traded for an average of 5 percent less than in 2007, data from
Real Capital Analytics show.
View the full article on The News & Observer (Raleigh, NC): Office prices spur renters to buy
Posted by: Matthew Stone