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Commercial Real Estate Still Attracting Investment.
New York -- Commercial real estate properties continued to attract investor interest in the second quarter, according to a report from PricewaterhouseCoopers, fueled by improving fundamental factors, interest rates and a lack of alternative investment options.
"Aggressive buyers, high prices, low-cap rates and virtually limitless sources of capital continue to characterize the investment side of the commercial real estate industry," according to Peter Korpacz, director, PricewaterhouseCoopers' global strategic real estate research group.
"Pent-up demand for real estate from all-cash buyers, particularly pension funds, is also expected to materialize once rising interest rates begin to push some leveraged buyers to the sidelines. The bottom line is an elongated pricing peak similar to the one that rental rates experienced in the late 1990s. Although this elongated pricing peak has been with us for almost three years, few investors foresee an end to it anytime soon," he noted.
Mr. Korpacz expects that increases in capitalization rates - or the required rates of return on real estate investments - are likely to lag behind interest rate hikes.
The report singles out self-storage property as one sector that has seen "particularly strong interest" from institutional as well as individual investors. This is a sector that is seen as maturing and one that has a good outlook for the future.
In the retail market, February 2005 saw the lowest monthly sales volume for retail properties in about two years, according to the report. According to one survey respondent, "Most of the better properties have sold and what is available now just doesn't appeal to the majority of top players." Power center retail properties continue to see a high level of interest, along with national strip shopping center properties.
The downtown, or central business district, office market continued to improve steadily in the second quarter, with gains in overall absorption and declines in overall vacancies.
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