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HFF Halftime Report: 2Q17 and 1H17 Industry Update

Wednesday, August 09, 2017
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HFF Research reports on and analyzes the latest commercial real estate data for the second half of 2017 (2Q17) and the first half of 2017 (1H17). “Investment brokers continue to play a vital role in making the commercial property markets liquid and increasingly efficient. Moreover, their role in the investment markets continues to grow, with brokerage representation of the seller, buyer, or both, accounting for 68 percent of significant income property sales globally in 2016. The top 10 [brokerage] firms collectively accounted for 83 percent of all brokered transactions in 2016, up from... [Read More]


RCA: May 2016 Transaction Volume

Wednesday, June 29, 2016
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Real Capital Analytics (RCA) has released May transaction volume figures.   Commercial property deal volume came in at $28.6 billion, marking a 36 percent decline versus the same period in 2015. This decline does seem shocking and has led some to speculate that the market is facing a correction, but it is important to remember what we stated last month: It is virtually never advisable to look at this data on a linked-month basis due to the incongruity in the timing of large deals, which can skew the comparison. The story of the fall in volume is more about early 2015 when portfolio and entity-level transaction activity surged 58 percent ahead of the pace set in 2014. These large deals were down 56 percent year-over-year on sales... [Read More]


RCA: April 2016 Transaction Volume

Monday, May 23, 2016
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Real Capital Analytics has released April transaction volume figures. The $22 billion in transactions last month marked a 34 percent decline versus the same period in 2015. I have to mention that it is virtually never advisable to look at this data on a linked-month basis due to the incongruity in the timing of large deals which can skew the comparison. That being said, April’s $22 billion marks the lowest monthly tally since January 2013 – that is a little sobering. In the below graph of monthly sales volumes I have included a polynomial trend line which unmistakably shows the multi-month decline in monthly sales. Is this trend going to be arrested by a return to normalized velocity levels 90 days after February 16 (the crescendo... [Read More]


RCA February Hotel Month in Review

Monday, April 04, 2016
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The February edition of RCA’s “U.S. Capital Trends” has risen a bit of a stir. One-month (-44.9 percent), three-month (-6.4 percent), six-month (-4.9 percent) and 12-month (-4 percent) moving averages are all down on a comparative basis, signaling a plateau in the trajectory of transaction volumes. A property-type-specific analysis is provided below. Capital Trends"> It appears a dearth of large transactions are the root cause for the drop in velocity, given YTD deal volume is down 24.6 percent but entity/portfolio trades are down -32 percent and single-asset trades are down only -20 percent. JPMorgan’s research team penned the following to its stock-trading clients this week, “Bottom line, the RCA data for February confirms what we’ve been thinking would unfold in the CRE sales market. The coming months and... [Read More]




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