Global Investment Sales Shrank 60 Percent in '08
The New York Observer reports: According to the Real Capital Analytics 2008 year-in-review global report, only $504 billion in commercial property sales took place in 2008, a drop of nearly 60 percent compared to the year before.
The United States holds the distinction of serving as the epicenter for the office meltdown, with a decrease of 76 percent YOY (year-over-year) in sales volume.
On a more local level, New York City's market tanked, its spot as No. 1 in the office market rankings slipping a notch, while Tokyo jumped from number seven in 2007 to the top spot in 2008.
RCA anticipates many fewer portfolio transactions, many more investors interested in taking partial interests in prime assets, more owner/occupier transactions, more note sales, and at some point in the future, distressed sales: the "growth potential in this arena is huge."
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Posted by: Matthew Stone