A report by Colliers International shows commercial real estate sales to investors is lagging in the Lowcountry market compared to 2011. Thus far in 2012, transaction totals amount to 39% of last year’s totals.
Published July 18, 2012
Commercial real estate sales to investors in the Charleston-area market are lagging compared with 2011, according to a report by Colliers International.
Thus far, sales in the area have totaled $139 million — about 39% of last year’s totals — and Colliers said there have only been about a dozen significant transactions.
Discouraging to brokers is the lack of sales in office buildings, shopping centers and warehouses. There have been no sales of such properties during the first six months of this year, Colliers said.
Sales of small downtown buildings are up this year. Three buildings have been traded totaling $7.8 million and ranging in price from $187 to $367 per square foot. Last year only one similar sale occurred, the report said.
Colliers expects the second half of 2012 to pick up due to pending decisions to sell assets in the area. Pent-up demand for quality space, job creation and scarcity of available quality product make being an owner or seller of a property ideal, the report said.