Sales include office, retail and industrial properties that sold for at least $1 million.
This year will likely be the lowest year for sales since 1996, when only $885 million in properties, sold, he says.
In 1998, sales peaked when a number of real estate investment trust, such as Chicago's Sam Zell's Equities Offices Properties went on a buying spree, snapping up a total of $2.215 billion worth of properties.
Deveraux tells GlobeSt.com he doesn't expect a huge rush in closings to push up the number of sales before year end. In fact, he says the number may even be lower than the $1.05 billion he projects.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
