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Commercial Market Could See Record Year

BOSTON-The Bay State's commercial market is poised for another record-setting year, real estate professionals predict.

By Beverly Ford | Updated on August 23, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

BOSTON-As home sales in Massachusetts continue to tank, the state’s commercial market is on the threshold of another record year with rising sales having already topped the $3-billion mark, real estate professionals tell GlobeSt.com.

“The way it looks right now, I think we’re set to have another record year,” David Begelfer, chief executive officer with the Boston office of the National Association of Industrial and Office Properties, tells GlobeSt.com. In the Downtown office market alone, sales for the first half of 2006 have already topped $1.3 billion and are on par to exceed the more than $2-billion record for commercial sales set for Downtown in 2004. Sales of suburban office properties are also up, surpassing $600 million in the first six months of the year.

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