Office Sales Plunge, Weakening to Continue
Tuesday, January 20, 2009
Source: GlobeSt
GlobeSt reports: The precipitous drop in office sales in 2008 reflected a weakening market that faces more troubles before it recovers, new reports suggest. New York City-based Real Capital Analytics' preliminary 2008 results show that the dollar volume of worldwide office sales plunged to $184.1 billion in 2008, which was down 60% for the year and 74% for the fourth quarter. Office tallied the largest dollar volume of any property type, but all property sectors reflected the worldwide slowing in sales.
Even more remarkable was how much of the plunge occurred in the fourth quarter, according to the Real Capital Analytics report. "No matter how you slice it, whether by global region, property type or deal type, year-over-year deceleration of activity in Q4’08 was remarkable for its velocity," the RCA report states.
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Posted by: Nina Turner