Commercial real estate sales fall
December 12, 2007
It would be a record year for commercial real estate investments in the Denver area, if not for the financing woes plaguing the housing market. Still, investors are projected to snap up about $4 billion in office, retail and industrial properties this year, almost a 25 percent drop from the record $5.3 billion in sales volume in 2006.
“That is a pretty significant decrease, but this is still going to be the second-strongest year in Denver’s history,” said Patrick Devereaux, a senior director at Cushman & Wakefield Colorado who released a report on the commercial real estate market Tuesday. During the first half of the year, there had been $2.7 billion in deals, about 23 percent higher than the $2.2 billion in sales in the first six months of 2006.