NAR: Speakers Tout CRE Sales

Sales of commercial property remain very active, in spite of a decline in market leasing fundamentals, according to speakers at a National Association of Realtors commercial real estate forum.The NAR reported that Scott M. Johnston, vice president at Spaulding & Slye Colliers, told the forum that people were speculating after 9/11 that commercial markets in Washington and New York would take a hit. However, these are now "the two strongest commercial markets in the country," he said. W. Cabell Grayson, senior managing director at CB Richard Ellis, said the current commercial property sales market is remarkable. "This is one of the hottest commercial investment markets in memory," he said. "The emergence of individual investors and syndicates has been remaking America in terms of commercial institutional investment, and they have become the driving force of the commercial market over the last five years." The hottest properties in today's markets are multifamily, retail, major downtown office space, and single-tenant properties, Mr. Grayson said, while suburban office space and flex or research and development space are out of favor. The NAR can be found online at http://realtor.org.