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Posts Tagged ‘commercial real estate’
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New York City’s commercial real estate market showed increased stability in the third quarter, according to a report from Moody’s released today. The New York City market scored a 76 on Moody’s CMBS index, ranking it second-best among the cities tracked, behind Honolulu, which scored a 78. Commercial real estate markets continued to improve nationwide in the third quarter, the report shows, with all property types tracked showing an improvement on the Moody’s index. The hotel sector experienced the greatest quarter-over-quarter improvement, climbing 30 points to a score of 54, while the central business district office market showed a five-point gain, reaching a 60-point index score. While Keith Banhazl, a Moody’s senior analyst, said that there’s reason to be optimistic, he said that the overall market is still on soft footing. “In general, the commercial real estate markets remain in the uncertain… range,” Banhazl said. “However, the future appears to brighten with each passing quarter.” TRD
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Commercial real estate prices fell 3.3 percent nationwide in August, according to Moody’s, marking the third time in a row that prices dropped between 3 percent and 4 percent month-over-month. The decline brings the Moody’s commercial property price index to its lowest point since the market downturn began, surpassing the previous low point recorded in October 2009. The index is now 45.1 percent below its peak from October 2007, according to Nick Levidy, managing director of Moody’s. “The commercial real estate market in the U.S. has become trifurcated with prices rising for performing trophy assets located in major market, [while] falling sharply for distressed assets, and remaining essentially flat for smaller healthy properties,” Levidy said. TRD
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From the October issue: Uncertainty about the expiration of capital gains tax cuts at the end of this year has some New York City real estate owners selling now to beat a potential increase in their tax bill later.
While Washington has been very publicly debating the upcoming expiration of the Bush-era federal tax cuts, most of the attention has been on the changes in how income is taxed. But those cuts under Bush also impacted taxation of capital gains, where the top rate was chopped from 20 percent to 15 percent. Unless Congress votes to extend the cut, the top rate will bounce back to 20 percent at the end of this year.
Commercial brokers and experts in the investment sales market say that fear surrounding a capital gains tax increase is spurring discretionary sellers in New York to list their properties.
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Commercial real estate prices nationwide dropped 3.1 percent in July from the previous month, according to the Moody’s/REAL Commercial Property Price Index. Prices were 43.2 percent down from their October 2007 peak. Nick Levidy, a managing director with Moody’s, said that the decline had been expected. “The recent [commercial market] performance, while perhaps somewhat discouraging, should not come as a complete surprise,” Levidy said. “We have noted for several months than markets are likely to remain choppy for some time.” The news wasn’t bad for all markets, however — Florida saw its first multi-family property price increase since the start of the recession, climbing 10.8 percent year-over-year in July. TRD
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From left: Peter Hauspurg, Jonathan Mechanic, Steven Durels, David Greenbaum and moderator Jahn BrodwinSteven Durels, an executive vice president with SL Green Realty, said that the number of larger deals (those between 100,000 square feet and 200,000 square feet) that his firm has seen in 2010 “dwarfs last year.” Still, Durels noted that [more]
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SL Green Realty, the largest commercial landlord in Manhattan, is poised to enact portfolio-wide rent hikes, according to Crain’s, as leasing activity in office space begins to gradually stabilize. Steven Durels, director of leasing and property at SL Green, said that it’s too early to tell precisely how much the rates could climb for his company’s 30-building portfolio, which encompasses around 22 million square feet. If the across-the-board rent hikes are enforced, Durels said they would take place in the next two months. Additionally, SL Green plans to reduce the number of tenant incentives it handed out during the recession. “In spaces where there had been no activity [in the past several months], we are now in active lease negotiations,” Durels said. “It feels pretty good.” [Crain's]
