Pricing, Credit Woes Plagued 2009 Sales
The Herald-Sun reports: While leasing activity was above average in the Triangle last year, commercial real estate sales fell off by 75 percent to 80 percent in 2009 as a result of lack of available credit and the pricing chasm between buyers and sellers.
For the 12 months ending Dec. 31, commercial property sales in the area declined by 80 percent, reported LoopNet, an online commercial real estate listing service. Total commercial property sales in the Triangle for 2009 was a little more than $522 million according to the report's data, which is provided by research firm Real Capital Analytics.
Experts pointed to the increase in activity in fourth quarter 2009 as a sign of significantly more activity in 2010.
LoopNet shows that nationally, the fourth quarter showed double the activity from the first quarter in many metropolitan areas.
"The farther we move away from earlier '09, it's becoming clear that that time period is going to wind up the low end of the cycle for transaction activity," said Dan Fasulo, managing director of Research at Real Capital Analytics, the global consulting firm that provides data and analysis for LoopNet's report.
View the full article on The Herald-Sun: Pricing, Credit Woes Plagued 2009 Sales
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Posted by: Nina Turner