New York Portfolio Sells For US$62mn
News: A portfolio of 11 mixed-use properties in New York City, US, has been acquired for US$62mn, reports World Property Channel. The properties consist of a total of 143,230 square feet of space and are all located in the city's Bowery District. The buyer was a group led by US research and intelligence firm Milestone Equities.
BMI View: A number of analysts and surveys over 2012 indicated that the outlook for the US commercial real estate market is set to become more upbeat from 2013. The latest survey from the National Association of Realtors (NAR) reports that across the US, rents are rising and vacancy rates are falling for commercial property. Reuters reports that economists are continually optimistic about job growth, with unemployment forecast to reach 7.5% in 2013. Rising employment and job creation have led the NAR to forecast continued reduction in vacancy rates, with the office vacancy rate in particular dropping to as little as 0.4%.