David Geltner: Owners reducing commercial property prices

10/28/2009 | REIT.com

The owners of commercial real estate have "drastically reduced" the price at which they are willing to deal with prospective buyers, said David Geltner, director of research at the MIT Center for Real Estate. The drop was recorded in the MIT Center's transaction-based index. Asked if the decline represented a bottom, he said, "I wish I could say yes." There will probably be further declines later this year, Geltner said.

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