Increasing sales volume but prices continue to slide.
A pair of recent reports presents mixed outlook for 2010
A recent report by CoStar indicates an uptick in sales volume:
“Grubb & Ellis in its annual outlook is predicting an increase in sales volume of 20% to 30% over 2009 levels. However, prices, already down 40% from their peak in October 2007, may decline another 10% to 20% in order to meet buyers’ expectations.” – CoStar – Full report.
Loopnet cites a National Council of Real Estate Investment Fiduciaries’ NCREIF Index that corroborates the outlook of lower values in 2010:
“Property values will continue to fall and investment returns will remain negative through 2010, according to CBRE Econometric Advisors.” LoopNet – Full Report