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Boost for US commercial property


17th November 2010 | back to article listings BACK    print this article PRINT

Commercial property market watchers in the US have predicted that as the economy grows investments in the sector will rise by as much as 40% next year compared to this.

There will be around $92 billion (58 billion) worth of deals competed for by buyers and sellers for apartment, office, industrial and retail properties this year, according to commercial property broker Jones Lang.

The area of the market which has shown the most activity in 2010 has been apartment and office building sales, according to the Chicago-based company, which is behind CB Richard Ellis Group, of Los Angeles.

A rise in transactions has been predicted after gross domestic product rose 2% to 2.5%, encouraging investors to take on more risk.

Josh Gelormini, director of capital markets research at Jones Lang, said that apartment buildings will remain attractive as new construction remains limited.

Rents in the downtown markets of major cities are starting to rise, said John Sikaitis, Jones Lang's director of office research. Suburban markets in areas including Philadelphia, Atlanta, Dallas and Chicago may remain stagnant, he said.

Copyright Press Association 2010


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