Market Doldrums Force Brokers To Hone Their Skills
National Real Estate Investor reports: Across the nation, brokers are looking for productive ways to use their time while transactions are at a near standstill. The number of commercial real estate deals closing today is a fraction compared with volume in the years leading up to the market peak in October 2007.
Just 650 commercial properties in the United States sold for $5 million or more in the second quarter this year, a 33% drop compared with the same period a year ago, according to Real Capital Analytics.
“Brokers are having a nice, long summer holiday this year,” quips Dan Fasulo, managing director at the New York-based research firm. Humor aside, Fasulo says that brokers seem to be growing busier this summer as property owners seek marketing proposals for assets they plan to sell.
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Posted by: Mark Alferman