Despite the ongoing economic malaise, commercial real estate deal activity has actually surpassed expectations, according to Vick Seth, managing director with Raymond James & Assoc.
In a video interview with REIT.com at REITWorld 2011: NAREIT's Annual Convention for All Things REIT in Dallas at the Hilton Anatole hotel, Seth discussed the current state of the capital markets. He said the market is seeing an influx of capital seeking out transactions. He noted, however, that most buyers are searching for "trophy real estate," which includes landmarks properties and those located in major markets such as New York and Washington, D.C.
"Irreplaceable real estate is still trading quite healthily," Seth told REIT.com.
In 2012, Seth cautioned against expecting transaction volume to increase significantly. He noted that macro concerns will continue to impact the general market environment next year, including the debt issues currently plaguing the Eurozone. He also speculated that asset prices would continue to rise, causing potential acquirers to grow more selective in pursuing deals."
Watch video...CRE Deal Activity Surpasses Expectations - YouTube
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