More awesome commercial real estate news, this time by way of Real Capital Analytics, which just releases its 2008 year-in-review report.
The thrust of the report is this: Worldwide, only $504 billion in commercial property sales took place in 2008, a drop of nearly 60 percent compared to the year before.
The United States holds the distinction of serving as “the epicenter for the office meltdown, with a decrease of 76 percent [year over year] in sales volume.”
On a more local level, New York City's market tanked, its spot as No. 1 in the office market rankings slipping a notch, while Tokyo jumped from No. 7 in '07 to the top spot in '08. read more »