Commercial Real-Estate Sales Plummet in July, 2009
If you are looking for a deal on a commercial property and are planning on holding it for a while, it is probably time to move. For the month of July, commercial sales, both prices and volume, dropped significantly from last years numbers.
It looks like the lack of credit combined with a major retrenchment by investors is putting the squeeze on the market and creating a vacuum very quickly.
Weakness in the commercial real-estate market, which held out longer than the residential market, has been attracting attention from the Federal Reserve, which is reportedly ramping up scrutiny of regional banks’ exposures to the sector. The Fed and U.S. Treasury are scrambling to keep commercial real-estate from dragging the economy down just as it appears to be recovering.
The Moody’s/Real Commercial Property Price Indices was 31% below year-earlier levels and 39% off the peak in October 2007.
“The market has averaged about 375 sales per month for the seven months in 2009,” said Moody’s managing director Nick Levidy. “Over the same time period in 2008, sales were averaging nearly 1,100 a month.” via WSJ.com.
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Comment by Bruce Dietz on 27 September 2009:
It is understandable that the commerical real estate is struggling. Once the residential market corrects, the business sector ramps back up and starts increasing production, then the commerical real estate will increase in demand.
If you have the money to invest in commercial real estate, get in NOW! Otherwise, you will be kicking yourself in a couple of years.