Dallas-Fort Worth ranks second nationally for commercial property sales, despite an almost 70% decline.
North Texas topped much larger markets of Manhattan and Chicago for commercial real estate deals so far this year. Nationwide, property transactions were down almost 60% year-over-year.
“Commercial real estate deal volume was almost hardwired to fall at double-digit rates in the second quarter,” MSCI analysts said. “Sale activity for the second quarter a year ago closed at a record high level, higher even than the frantic pace set before the Global Financial Crisis. “The declines in commercial property prices may be moderating, but potential buyers and current owners are still too far apart on price expectations for higher levels of deal volume to close across most property sectors.”The commercial property sector has been slammed by recent increases in interest rates and the decline office building demand since the start of the pandemic.
The total distressed U.S. commercial real estate market grew to almost $72 billion at midyear with a fourth consecutive quarter of increase. “Offices constituted more than 80% of the distress added during the second quarter, with $6.7 billion of net inflows” according to MSCI.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet Dallas-Fort Worth’s most profitable and least profitable companies for 2023Black gold found its way back to Texas in 2022. Oil and gas companies claimed seven of the top 20 spots in this year’s ranking of Dallas-Fort Worth’s most...
Read more »
Houston hotel group buys two Dallas-Fort Worth extended-stay hotelsHouston's Wayside Investment Group is acquiring a 118-unit hotel on Frankford Road in Dallas and a 150-unit property on Carnaby Street in Irving. The purchase...
Read more »
Temperature hits 2023 record of 108 in Dallas-Fort Worth with more hot days aheadHigh temperatures peaked at 108 degrees at DFW International Airport, but maximum heat indices did not reach the same intensity, peaking at 111.
Read more »
10+ places to celebrate National Hot Dog Day in Dallas-Fort WorthIt's an especially perfect day to celebrate, too: July 18 is National Hot Dog Day.
Read more »
Man arrested in connection with Fort Worth shooting that left 1 dead, 3 injuredA man was arrested in connection with a Fort Worth quadruple shooting on June 21.
Read more »