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Investment Sales transactions up 50 percent globally
NEW YORK, Feb. 08, 2011 —Higher transaction velocity and slow de-leveraging mark the ebbs and flows of the capital markets in the last quarter of 2010, according to Jones Lang LaSalle’s Fourth Quarter Market Overview released today. Cap rates, which have compressed considerably from mid-2009 are now stabilizing, while the CMBS market is showing new signs of life into 2011. Jones Lang LaSalle’s report highlights investment sales and financings in New York City, across the United States and globally, and is compiled quarterly by the firm’s New York Capital Markets Group, led by Vice Chairmen Richard Baxter, Jonathan Caplan, Yoron Cohen and Scott Latham.
“In nearly every market around the world, commercial real estate has seen a remarkable turnaround in transaction volume since the lows of 2009,” said Baxter. “In the U.S. alone in 2010, transactions from all property types—led by office and multifamily—surged 122 percent over the year before. On the whole, 2011 global investment sales volumes are expected to increase by an additional 20-25 percent, with the Americas anticipated to show the largest increase.”
“While a lack of employment growth and an anemic housing market could pose a potential drag on growth in 2011, record corporate profits are expected to accelerate hiring as the new year progresses,” said Caplan. “We expect to see continued job growth in New York City, which has fared better than the nation, with 2010 year-end unemployment in Manhattan of 7.5 percent, versus 9.4 percent nationally. This will benefit New York City’s leasing market as well as its investment market.”
Jones Lang LaSalle’s Fourth Quarter Market Overview contains a detailed report about the market fundamentals.
The full analysis can be downloaded here.
About Jones Lang LaSalle Capital MarketsJones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firmoffers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.7 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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