Devereaux projects that only $782 million in office, industrial and retail projects will sell this year. That would mark almost a 36% drop from the $1.2 billion sold last year and the worst year in sales since 1995, when only $575 million in properties of more than $1 million in value sold. It also would be the first time since 1997 that sales hadn't topped $1 billion.
Devereaux says that private capital, such as syndicators, wealthy individuals and those doing tax-deferred 1031 exchanges continue to be active buyers, but institutional investors, such as insurance companies and pension fund advisors, are not.
Retail is hot, he says, adding grocery-anchored retail centers are especially sought after.
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