Credit crunch hits commercial
The Boston Globe reports today that though demand for office space is strong, property owners are having a hard time selling because "the meltdown in subprime mortgages triggered a wider credit crisis on Wall Street."
Overnight, potential buyers could no longer borrow money to do deals, bringing the commercial property market in Boston and across the country to a standstill.This comes after years of strong commercial property sales, both there and nationwide."It's not completely dead, but it's been knocked on its bottom," said Rob Griffin, president of Cushman & Wakefield of Massachusetts Inc., a commercial brokerage. "It's certainly been chaos since August."
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