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Hotel, Retail Sectors Flex Muscles

CHICAGO-Average sales prices for hotel and retail properties jump 54% and 30%, respectively, over the first quarter, according to the CCIM/Landauer Investment Trends Quarterly. Meanwhile, an average capitalization rate of 9.5% is down just 9% from the 1995 mark.

By Mark Ruda | Updated on September 20, 2002

CHICAGO-A record number of deals, up 14.5% from the first quarter, were seen in the commercial real estate world tracked by CCIM Institute, which also notes a 12% jump in dollar volume. Leading the way were the hotel and retail sectors, at least in terms of value of the deals.

The CCIM/Landauer Investment Trends Quarterly reports investors paid an average of $34.3 million for hotel properties, a jump of 54% over the first-quarter average. Meanwhile, retail properties commanded an average price of $13.4 million, a 30% jump over the first quarter. The retail sector also accounted for nearly 22% of the total transactions studied in the CCIM/Landauer survey, its best showing since 1996.

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