|
|
Article: Investors turning REITs into hot properties: trusts net billions as commercial market outlook improves.(REAL ESTATE)(real estate investment trust)
- Article from:
- Los Angeles Business Journal
- Article date:
- August 24, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Make sense of this.
Los Angeles County's second quarter commercial vacancy rate hit 14.8 percent--the second worst on record. And clear across the country in Manhattan just three large office buildings sold in the first half of the year--a stunningly small number.
Yet investors have been flooding billions of dollars into real estate investment trusts, which are public companies that invest in offices, warehouses and other commercial real estate. REIT stocks, which hit an 18-year low in March, have rallied in the past five months, with the average local REIT up 92 percent.
Clearly, the thinking is the worst of it may be over, or is nearly so, ...