Loopnet is a commercial real estate listing service similar to MLS. It picks up where MLS leaves off in the commercial realm as far as listing information collected. We currently use it to list our larger commercial properties. In addition to listings they have commercial real estate news and info.
Recently they ran a poll about the commercial real estate market for their users to complete. There are some interesting results. Most notably is that access to financing is still a huge problem for sales. Personally, I can echo that on our commercial listings. The price really is not the larger issue but rather finding a buyer with significant amounts of cash that can access the financing needed to make it work.
Here is a summary of the poll results.
When do you expect the number of completed commercial real estate transaction sales to begin to pick up vs. 2008? | |
Q1 2009 (already happening) | 3% |
Q2 2009 | 3% |
Q3 2009 | 12% |
Q4 2009 | 22% |
2010 | 47% |
2011 or later | 12% |
Total | 100% |
What do you view as the biggest obstacle to commercial real estate sale transactions getting completed? | |
Different price expectations between sellers and buyers | 22% |
Access to financing | 59% |
Uncertainty of economic forecasts | 19% |
Other | 0% |
Total | 100% |
How much further will prices need to fall vs. 2008 in order for transaction volume to increase? | |
0-5% | 12% |
5-10% | 28% |
10-20% | 28% |
20-30% | 25% |
More than 30% | 6% |
Total | 100% |
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