Prices for U.S. commercial property are expected to climb in the next six months, extending a rebound that has sent values close to levels reached at the market’s peak in 2007, according to Green Street Advisors Inc.
There is an 80 percent likelihood that commercial real estate prices will rise over the next six months, the Newport Beach, California-based research firm said in a report yesterday. Prices climbed 1 percent in February and are within 1 percentage point of their August 2007 high, according to the company, which tracks real estate investment trusts.
“We’re effectively back to peak pricing,” Mike Kirby, Green Street’s director of research, said in a phone interview. “We’re fairly confident that the rebound will continue.”
Read more...U.S. Commercial-Property Prices Seen Rising Near Peak - Bloomberg