US Retail Property Sales In May Drop 12% From Prior Month
The Wall Street Journal reports: The retail real estate market continued to struggle significantly in May. Sales activity of major properties continued to slow amid a continuing credit crunch and concerns about the trajectory of commercial real estate, according to a report by Real Capital Analytics.
Sales of significant retail properties totaled $418 million last month, with activity falling 12% below April's numbers, Real Capital said. It added that May marked one of the slowest months since the firm began tracking such transactions.
"With levels so low, the decline in dollar terms would have been considered just a rounding error in prior years, a clear illustration of just how far the transaction market has sunk," the report said. The firm said that as sales volume languishes, inventory, defaults and foreclosures are proliferating.
Meanwhile, the firm said new buyers, the return of other investors and sales momentum in the office and apartment markets are positive developments.
View the full article on The Wall Street Journal: US Retail Property Sales In May Drop 12% From Prior Month
Posted by: Matthew Stone