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U.S. property sales rise 13.5% during Q1
There is nothing like getting off to a fast start. The law of inertia tells us a body in motion tends to stay in motion. With momentum and physics on its side, the U.S. commercial property market has laid the groundwork for another year of higher fiscal altitude.
First quarter 2014 witnessed a flurry a commercial properties priced at $10 million or more changing hands, with 3,696 such U.S. properties sold for $74.1 billion — 58.4 percent and 13.5 percent increases, respectively. Throw Canada and Mexico into the mix for a continent-wide measurement and 3,811 properties were sold for $77.8 billion, increases of 47.9 percent and 10.3 percent, respectively.
The only potential fly in the soup was a 25 percent decline in the average sale price per U.S. property, from an average of $28 million per property to $20 million per property.
The data, compiled by Real Capital Analytics, s