Credit-market dislocation has impacted capitalization rates in the multifamily and office sectors, reports Reis Inc. Capitalization rates during late July and August dropped 30 basis points in the multifamily sector and 10 bp for office, according to Reis' latest report on credit market conditions. Late July into early August is when the commercial real estate investment market started feeling the full brunt of the credit market turbulence, in which lenders pulled back from the market, causing deals to be re-priced or cancelled altogether. The New York research firm further indicates that credit turbulence has caused a decline in investment activity and moderation in price appreciation.
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Friday, September 28, 2007
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