It’s not surprising to see a surge of activity in December as investors rush to close property sales transactions by the end of the year. But this year was something special, with property sales across the nation much higher than usual after the Presidential Election and continuing right to year end. In fact, we were closing deals right up through the last weekend in December. These last two transactions for 2012 were a student housing property leased to Sacred Heart University in Fairfield, CT, and a 94-unit apartment property in Chicopee, MA.
We’ve closed the pages on 2012 and are looking forward to an even better 2013. In fact, we see the commercial real estate market in the Northeastern U.S. continuing its steady upward momentum this year as vacancies continue to decline and rents rise across all segments of the commercial real estate market — especially for retail and multifamily assets. Vacancy rates over the next four quarters are forecast to decline: