The Real Deal Miami

More distressed properties, still few sales

March 11, 2009 03:35PM

There are more than 19,600
distressed office buildings — those that are
40 percent leased or less — available in 50 of the country’s largest office
space markets, but few building sales are taking place. The number of
distressed office properties has grown 8.6 percent in the past year, and in some
areas, including Southwest Florida, it has grown at more than double that rate.
But distressed sales are still slow because of tightened credit, lenders’ and
investors’ unwillingness to take risks, and the continued difference between
asking and selling prices as the market declines further.