U.S. commercial property sales volume at 75 percent below six-year average

The sales volume of U.S. commercial properties in the first two quarters totaled just over one quarter of the average of the six years prior, according to preliminary figures from Real Capital Analytics. Through the end of June, $34.2 billion worth of deals had been completed, compared to the peak of $277.7 billion worth of commercial property sales during the same period in 2007, the data show. As Bloomberg News reported, the dismal figures are a reflection of owners keeping their properties off the market until values recover. That’s frustrating for private equity investors like Blackstone Real Estate Advisors and Goldman Sachs, who have record amounts of capital available for U.S. property deals and are chomping at the bit to get into the game. Still, the first two quarters’ numbers represent an improvement from the first half of 2009, in which commercial property sales volume was 58 percent lower. [Bloomberg]