While the residential real estate market gently sleeps, there is one heck of a party going on over at the commercial real estate side of the equation. Spurred on by mega sales such as Blackstone’s purchase of Equity Office sales of commercial real estate surged 62 percent over the first 4 months of 2007.
Office-building transactions from January through April totaled $95 billion, a record for the period, the Chicago-based association said today in its Commercial Real Estate Outlook.Markets with the highest transaction volume were Manhattan, Chicago, Northern Virginia and San Francisco, the group said.
Among retail properties, transactions in the first four months of 2007 doubled from a year earlier to $27.7 billion. Among industrial properties, transactions dropped 13 percent to $11.9 billion, the association said. Apartment-building deals fell 25 percent to $23.2 billion. About half of the multifamily purchases were by private investors, while condominium conversions accounted for just 5 percent of acquisitions, the association said. via Star-Telegram.com
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