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2012 commercial property transactions down, expected to climb

It's no surprise that the real estate market in the Charleston area took a hit during the economic recession. As the economy begins to turn around, however, the expectation is that across-the-board property transactions will also see gains. Unfortunately, commercial real estate investment in Charleston this year has not been as strong as most hoped, but some believe it could pick up in the second half of the year.

As we reported earlier on this blog, residential real estate numbers have also not been incredibly strong, despite indications that the market should be improving.

According to reports from Colliers International, this year's sales among commercial real estate investors are currently only 39 percent of what was sold for all of 2011. In total, commercial real estate transactions in the Charleston area have totaled $139 million thus far. No major warehouses or office buildings have been sold this year.

On the other hand, the total number of small buildings sold in downtown Charleston is up compared to last year. In fact, only one was sold throughout all of 2011 and three were sold during the first half of the year.

Analysts, fortunately, believe that the commercial real estate market in the area will pick up during the second half of the year. At this point, there is a lot of "pent-up" demand for properties and the lack of high-quality commercial properties is holding up many transactions. Meanwhile, a number of investors are still sitting on decisions to move their commercial real estate assets.

There are a many things that can stall commercial property transactions. Investors may have concerns about acquiring the necessary funds or title issues may prevent a sale from moving as quickly as planned. Fortunately, those looking to proceed with a commercial real estate transaction can take steps to streamline the process.

By working with a knowledgeable real estate attorney and weighing all available legal options, potential investors can work through any obstacles to process their transaction. In doing so, local investors can help revitalize the local and national real estate markets.

Source: Charleston Regional Business Journal, "Report: Commercial real estate investment quiet thus far in 2012," July 18, 2012

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