Consumers aren't the only ones benefitting from low mortgage refinance rates, as a new report indicates the commercial real estate market is operating at a swift pace.
According to a recent report from CBRE Limited, commercial real estate transactions totaled nearly $14 billion in the first half of 2012. Sales activity was almost 24 percent ahead of the pace when compared to the same six-month period last year as well as the same stretch of time in 2007. That was a record year for the commercial property sector, as sales totaled more than $32 billion
John O'Bryan, vice chairman of CBRE, indicated that all of the pieces are in place for 2012 to deliver a performance that could long be remembered.
"It is quite rare to have all the ducks lined up in a row like we have now, but we have active investors, active lenders and very solid leasing fundamentals that have gone on to produce one of the strongest markets I?ve ever seen in my career," said O'Bryan. "Equally impressive is the depth and breadth of market activity in every region of the country and is highlighted by every investor type eager to buy if they can."
Some of the most significant transactions took place in Calgary, Toronto, Edmonton and Ottawa, the report indicated.
Source: http://www.jencormortgage.com/blog/2012-could-be-record-breaking-year-for-commercial-real-estate/
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