“Commercial real estate remains very attractive relative to other asset classes, and it is likely that equity capital will be both more plentiful and more motivated over the coming year,” the New York-based real estate research company said in today’s report. While a 50 percent increase is likely, there is a “good chance for a surprise to the upside,” the firm said.
Property owners and lenders have at least $160 billion of troubled commercial mortgages to resolve by reworking debt or selling the real estate backing them, according to Real Capital. With attractive financing difficult to come by, loan maturities will drive transactions, the firm said.
“While prices and loan terms have not improved enough to make refinancing feasible in most cases, properties can increasingly be sold at prices above their outstanding loan balance and are being listed for sale six to twelve months prior to maturity date,” Real Capital said.
As rents and occupancies start to rise consistently, investors will face increasing pressure to make acquisitions before expansion peaks and price gains accelerate, according to the firm.
To contact the reporter on this story: Hui-yong Yu in Seattle at hyu@bloomberg.net
To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net
http://www.bloomberg.com/news/2012-01-11/u-s-property-deals-may-climb-to-300-billion-this-year-real-capital-says.html
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