Commercial sales fall, vacancy rises

Worldwide office sales fell to
$184.1 billion in 2008, down 60 percent from 2007, according to Real
Capital Analytics. Marcus & Millichap expects the office vacancy
rate nationwide to rise to 17 percent this year, after reaching 14.4 percent
in 2008, with recovery starting in 2010. In New York City, the Urban
Land Institute forecasts a longer downturn, with economists warning of at least two more years of falling prices.