Commercial Real Estate Transactions in U.S. Plunged 71% in April
- Hotel Deals ‘evaporated’ with 98% drop, Real Capital says
- U.S. property sales fell to their lowest level in a decade
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Sales of U.S. hotels, offices, malls and other commercial real estate plunged 71% in April to the lowest level in a decade, as the coronavirus shut down large parts of the economy, according to Real Capital Analytics Inc.
Transactions fell to $11 billion, the smallest volume since April 2010, according to the report Wednesday by the New York-based firm. Hotel deals led the collapse, plummeting 98% from a year earlier. Office and industrial deal volume fell 60% from a year earlier.