Record Central/Eastern European Deal Closes Despite Global Real Estate Downturn
Commercial Property News reports: Warsaw's first certified green building also earned the recognition as the largest commercial real estate transaction so far this year for Central and Eastern Europe, selling for €117 million, or $164 million. But commercial real estate markets in many parts of the world continue to fact debt repayment issues, declining values and deteriorating rents and occupancies in different combinations.
The newly-constructed Class A Deloitte House office building--located in Warsaw's Central Business District, officially opened this month.
While the United States is poised for a deep, lingering dive in commercial real estate, commercial property markets in many parts of the world are falling, as well. Prices are resetting lower at different speeds and magnitudes country by country.
But in the United States, commercial real estate players are trying to avoid selling at prices most experts believe are half of what they were at their peaks in 2007. Commercial real estate sales worldwide in the second quarter are expected to be off 67 percent from a year earlier, according to research firm Real Capital Analytics, with U.S. volume down 83 percent, according to a Reuters report.
View the full article on Commercial Property News: Record Central/Eastern European Deal Closes Despite Global Real Estate Downturn
Posted by: Mark Alferman