Sales of U.S. commercial real estate reached nearly $64 billion in 2012, jumping 22% from the previous year to the highest annual total since 2004, according to the latest findings from the CoStar Commercial Repeat Sale Indices (CCRSI).
The analysis of sales data through December caps a year in which the recovery in CRE pricing rippled beyond the apartment market into office, industrial and even retail property, to a greater or lesser extent. Meanwhile, the level of distressed property sales fell to just 11.5% of transactions noted in December 2012, the lowest level since the end of 2008, which also helped put a solid foundation under prices.
Even commercial land prices showed signs of recovery in the last quarter of 2012, mostly due to strong developer demand for apartment sites. The CCRSI Land Index gained 3.6% in the last quarter of 2012, although it still remains 39.9% below the frothy December 2007 peak.
Read more...CRE Sales Surge 22% In 2012 As Pricing Recovery Spreads To More Markets - CoStar Group
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