News
OPPORTUNITIES KNOCKS IN RETAIL, OFFICE
February 8, 2010
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| The retail market has been one of the hardest hit by the recession, Savills’ John Williams told us when we dropped by the firm’s Lexington Ave office. However, investors can expect opportunities via over-financed properties that went into foreclosure. The New York metro market is a bit stronger, with deals getting done in grocery-anchored shopping centers thanks to a stabilized tenant market. Moving forward this year, Williams expects to see more investment activity in the retail space as the economy improves and pent-up consumer spending fills the nation’s malls and retail strip centers. |
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| In the office market, there’s a limited amount of conventional office transaction activity and more distress, says colleague Arthur Milston, who’s been participating in more advisory work, like renegotiating loans, rather than representing straight dispositions. But the distressed tidal wave we expected hasn’t happened, although there will be plenty of opportunity for new equity to come in and recapitalize. There’s still a disconnect between buyers and sellers on the transactions side, but as we see more write-downs on property values, expect more product to come to the market. |
