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US Follows Europe’s Lead with Commercial Real Estate

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United States  Europe  real estate sales  Richard Ellis  CBRE  Cushman and Wakefield  Joseph Harbert  New York Metro Region  eastern Europe 

US Follows Europe’s Lead with Commercial Real Estate

By - Thursday 14 October 2010

The latest index released by CB Richard Ellis shows that there was a 24 per cent increase in the volume of commercial real estate sales in Europe in the third quarter of this year compared to the same period in 2009. In particular, central and eastern Europe enjoyed the most activity.

Now new statistics have shown that over the Atlantic, the US market is also enjoying a resurgence in investor interest. The third quarter report from Cushman & Wakefield shows that the total value of commercial property investments closed during the first nine months of 2010 in Manhattan stands at US 9.4 billion – up 168 per cent from the US 3.5 billion spent in all of 2009.

“The increase in investment activity year to date is significant for the market overall, despite the fact that last year set an extremely low benchmark,” said Joseph Harbert, Cushman & Wakefield’s chief operating officer for the New York Metro Region. “What this level of activity suggests is that investors have taken note of improving market fundamentals and have identified Manhattan as a primary investment target,” he added.

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