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Sales Volume Surges in Second Half of 2017
A new capital markets report from CBRE tracks San Diego sales activity and cap rates for the second half of 2017 (H2 2017). The data shows that after a slow first half, the total sales volume surged to post the highest figures since H1 2007.
Among the key report highlights include:
– Office sales hit the highest mark since H2 2007, and industrial sales hit the highest on record which goes back to 2003.
– Multifamily sales were just above the historic average, but retail sales were slower than recent years.
– The high dollar volume was driven by both higher price tags and a higher volume of properties sold.
– Commercial real estate properties hit a post-recession-high price per-square-foot, reaching $271 on average.
– More than 10 million square feet of commercial property traded in H2 2017, which has occurred only one other time since 2007.
– Looking ahead, buyer demand is expected to remain strong, given the positive market fundamentals. Across all commercial types, vacancy rates remain low, new product is limited and rents are expected to remain steady or rise.
For comments, questions or concerns, please contact Dennis Kaiser
