The second quarter marked a noticeable improvement in the recovery trajectory of commercial REALTOR® markets. Based on the results of the July Commercial Real Estate Market Survey, commercial practitioners reported solid leasing activity and a double digit rise in sales volume. Nationally, 60 percent of REALTORS® reported completing a sales transaction during the quarter.
On a year-over-year basis, sales increased 12.2 percent in the second quarter, as prices rose 2.3 percent. Cap rates declined 50 basis points, from an average of 9.2 percent in the first quarter to 8.7 percent in the second. Multifamily properties recorded the lowest average cap rates, at 7.5 percent, followed by industrial spaces, at 8.2 percent. Office and retail spaces posted cap rates of 8.3 percent and 8.5 percent, respectively.
Read more...REALTOR® Commercial Markets Post Solid Growth in Second Quarter
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