With commercial real estate transaction volumes declining by as much as 70% in the second half of the year, online auction leader Ten-X tightened its evaluations of whether auction opportunities actually will lead to trades.
The auction platform still boasts 95-day list-to-closing times for its auctions, but has seen its 60% trade rate move closer to 50% in recent weeks, James Searles, regional director for Ten-X in NYC's Tri-State market, told GlobeSt.com.
At the same time, sellers are getting a bit more realistic about the transaction prices they can expect their properties to fetch, Searles said, in a telephone interview from ICSC New York.
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