Quarterly Investment Report: Second-Quarter 2009 - More Distress To Hit I.E.
California Real Estate Journal reports: Making the case for Inland Empire investment was the biggest challenge the region faced during the second quarter, especially in comparing the market with more favorably positioned properties in Los Angeles, Orange and San Diego counties. Even with brokers noting a slight increase in investment activity, transactions were off 80.3 percent in second-quarter 2009 from the year-ago period.
Total transactions across all property types ended the second quarter at $132.3 million, according to Real Capital Analytics.
"The first quarter was pretty quiet, and then in the second quarter there were a number of transactions and activity seemed to be picking up significantly than in the first quarter," said Mark Zorn, executive vice president in the Ontario office of DAUM Commercial Real Estate Services.
Although Zorn spoke specifically to Inland Empire industrial investment, the overall trend is expected to play out across all property types with more activity expected in the third and fourth quarters.
Though its image has been marred by an oversupply of speculative development and soaring vacancies, the Inland Empire office market recorded an increase in office investment totaling $27.7 million, according to Real Capital Analytics. Last quarter, the region did not see any office transactions over the $5 million mark.
View the full article on California Real Estate Journal: Quarterly Investment Report: Second-Quarter 2009 - More Distress To Hit I.E.
Posted by: Mark Alferman