Global crisis bites into Big Apple's prices
The Australian reports: MANY in the US commercial real estate market are hoping President Barack Obama's proposed $US800 billion ($1.196 trillion) stimulus package will help boost the sector, stricken by the economic crisis.
For now, there is no relief for ailing commercial property markets, including New York.
If pricing uniformly falls 20 per cent, a $US500-a-square-foot building will fall to $US400, while a $US1000-a-square-foot building will fall to $US800. Class B has less far to fall. The number of transactions has also fallen sharply. In the US last year, there were 1410 transactions, compared to 4410 transactions, valued at $US207.2 billion a year earlier, according to Real Capital Analytics, a research company.
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Posted by: Nina Turner