Commercial Sales Fell in 2007, Too

10:53 PM CST on Thursday, February 28, 2008

Local home sales weren't the only area of decline in 2007. Sales of commercial properties fell in Dallas and Tarrant counties, according to a research by Addison-based Roddy Information Service.

Most of the declines were in land sales and miscellaneous buildings. But sales of both office buildings and apartment properties were down in Dallas County. The 2007 declines follow record sales the year before. "The commercial market has been holding its own so far," said analyst George Roddy. "So far, so good." And while the housing market is hit with record foreclosures, commercial property loan defaults have remained low.

Only 50 commercial properties were sold at foreclosure last year in Dallas County – a drop of 18 percent from 2006. In Tarrant County, there were 54 commercial foreclosures. That's up 4 percent for the year. "So far, most of the foreclosures have been lower-priced properties and junk," Mr. Roddy said. "But we are starting to see signs of more commercial foreclosures."   

Source: Dallas Morning News