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The non-nullable type is 'String' within parent type 'Content'","path":["readnext","contents",5,"uri"],"extensions":{"classification":"NullValueInNonNullableField"}}],"data":{"articleData":{"uri":"/2016/06/22/dcs-investment-sales-drop-dramatically-in-first-five-months-of-2016/","canonicalUrl":"https://www.globest.com/2016/06/22/dcs-investment-sales-drop-dramatically-in-first-five-months-of-2016/","generatedId":"gdh45edkj","naturalId":"blogAndPostId/blog/post/304-1076","type":"ARTICLE","postFormat":null,"kickerPresentedBy":null,"breadcrumb":[],"presentedBy":"","title":"DC's Investment Sales Drop Dramatically in First Five Months of 2016","readtime":"4","timeToRead":"4 minute","prettyModified":"","prettyDateTime":"June 22, 2016 at 11:48 AM","needToKnow":[],"byline":"Erika Morphy | erikamorphy |","showDisclaimer":true,"authors":[{"name":"Erika Morphy","description":"Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.","imageLarge":"http://www.almcms.com/contrib/content/uploads/sites/304/2016/01/Erika-Morphy_avatar_1454221855.jpg","webUrl":"/author/profile/erika-morphy/"},{"name":"erikamorphy","description":"","imageLarge":"https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g","webUrl":"/author/profile/erikamorphy/"},{"name":"","description":"","imageLarge":"https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g","webUrl":"/author/profile//"}],"publication":"Globe Street","kicker":"","kickerNode":[],"prettyDate":"June 22, 2016","pubDate":"2016-06-22 11:48:09:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"WASHINGTON, DC--Yet fundamentals and pricing remain strong. It's a puzzle, CBRE Director of Research and Analysis Revathi Greenwood tells GlobeSt.com.","categories":[{"name":"","uri":"/globest-topics//","channelName":"Globest Topics"},{"name":"Economy","uri":"/globest-topics/economy/","channelName":"Globest Topics"},{"name":"","uri":"/globest-topics//","channelName":"Globest Topics"},{"name":"Feature","uri":"/globest-sections/feature/","channelName":"GlobeSt Sections"},{"name":"Office","uri":"/sectors/office/","channelName":"Globest Sectors"},{"name":"Washington, DC","uri":"/markets/washington-dc/","channelName":"GlobeSt Market"}],"bodyArray":["<p><a href=\"http://images.globest.com/contrib/content/uploads/sites/304/2016/05/Greenwood-Revathi-resized1.jpg\" xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"><img class=\"size-full wp-image-767\" alt=\"Revathi Greenwood\" src=\"https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/http://images.globest.com/contrib/content/uploads/sites/304/2016/05/Greenwood-Revathi-resized1.jpg\" width=\"616\" height=\"372\"/></a> <p> WASHINGTON, DC--Undoubtedly, the local CRE community has noticed office investment sales in downtown Washington DC are down this year compared to previous years. Now <strong>CBRE</strong> has done us the favor of quantifying that drop and putting it into context.</p>","<p>It reports that, at almost <strong>$1 billion</strong>, office sales volume in Downtown for the first five months of the year is half of the average sales volume during that time period for the preceding three years.</p>","<p><a href=\"http://images.globest.com/contrib/content/uploads/sites/304/2016/06/chart-of-DC-sales.jpg\"> <img class=\"alignnone size-full wp-image-1077\" alt=\"chart of DC sales\" src=\"https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/http://images.globest.com/contrib/content/uploads/sites/304/2016/06/chart-of-DC-sales.jpg\" width=\"616\" height=\"374\"/></a></p>","<div class=\"paywall-content\"><p><strong>Revathi Greenwood</strong>, director of Research and Analysis at CBRE, is reluctant to call 2016 a dud -- yet. As the graph indicates, she tells GlobeSt.com, sales in Washington DC tend to pick up towards the end of the year.</p>","<p>Still, though, the anemic start is very puzzling as the region has very good fundamentals, she says -- and while deals have slowed, pricing has not been affected, at least with trophy product.</p>","<p>Indeed trophy pricing is still at record highs with the sale of 733 10th Street fetching $1,053 per square feet at a 4.7% cap rate, CBRE points out. At the value add end, the $35 million sale of Madison office building attracted significant investor interest, it also said.</p>","<p><a href=\"http://images.globest.com/contrib/content/uploads/sites/304/2016/06/DC-pricing.jpg\"> <img class=\"alignnone size-full wp-image-1078\" alt=\"DC pricing\" src=\"https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/http://images.globest.com/contrib/content/uploads/sites/304/2016/06/DC-pricing.jpg\" width=\"616\" height=\"374\"/></a></p>","<p>Greenwood suspects that investors are being cautious due to an uncertain global economic environment and the US presidential election is past. Real estate generally is not affected by the election cycle but this year is different as there is a higher level of uncertainty, Greenwood said.</p>","<p>Other hints that this might be the reason: bidders seem to be more cautious with more deals falling through than usual, she says. Also marketing times are getting longer.</p>","<p>CBRE noted that foreign buyers are dominating some of the bidder pools and that overall 60% of the buyers in the January through May 2016 deals were cross-border capital. Of that, 87% came from institutions.</p>","<p><a href=\"http://images.globest.com/contrib/content/uploads/sites/304/2016/05/Greenwood-Revathi-resized1.jpg\" xmlns:occurrenceattr=\"http://luxid.temis.com/occurrence/attribute\" xmlns:entityattr=\"http://luxid.temis.com/entity/attribute\" xmlns:entity=\"http://luxid.temis.com/entity\" xmlns:category=\"http://luxid.temis.com/category\" xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"><img class=\"size-full wp-image-767\" alt=\"Revathi Greenwood\" src=\"https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/http://images.globest.com/contrib/content/uploads/sites/304/2016/05/Greenwood-Revathi-resized1.jpg\" width=\"616\" height=\"372\"/></a> <p> WASHINGTON, DC--Undoubtedly, the local CRE community has noticed office investment sales in downtown Washington DC are down this year compared to previous years. Now <strong>CBRE</strong> has done us the favor of quantifying that drop and putting it into context.</p>","<p>It reports that, at almost <strong>$1 billion</strong>, office sales volume in Downtown for the first five months of the year is half of the average sales volume during that time period for the preceding three years.</p>","<p><a href=\"http://images.globest.com/contrib/content/uploads/sites/304/2016/06/chart-of-DC-sales.jpg\"> <img class=\"alignnone size-full wp-image-1077\" alt=\"chart of DC sales\" src=\"https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/http://images.globest.com/contrib/content/uploads/sites/304/2016/06/chart-of-DC-sales.jpg\" width=\"616\" height=\"374\"/></a></p>","<p><strong>Revathi Greenwood</strong>, director of Research and Analysis at CBRE, is reluctant to call 2016 a dud -- yet. As the graph indicates, she tells GlobeSt.com, sales in Washington DC tend to pick up towards the end of the year.</p>","<p>Still, though, the anemic start is very puzzling as the region has very good fundamentals, she says -- and while deals have slowed, pricing has not been affected, at least with trophy product.</p>","<p>Indeed trophy pricing is still at record highs with the sale of 733 10th Street fetching $1,053 per square feet at a 4.7% cap rate, CBRE points out. At the value add end, the $35 million sale of Madison office building attracted significant investor interest, it also said.</p>","<p><a href=\"http://images.globest.com/contrib/content/uploads/sites/304/2016/06/DC-pricing.jpg\"> <img class=\"alignnone size-full wp-image-1078\" alt=\"DC pricing\" src=\"https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/http://images.globest.com/contrib/content/uploads/sites/304/2016/06/DC-pricing.jpg\" width=\"616\" height=\"374\"/></a></p>","<p>Greenwood suspects that investors are being cautious due to an uncertain global economic environment and the US presidential election is past. Real estate generally is not affected by the election cycle but this year is different as there is a higher level of uncertainty, Greenwood said.</p>","<p>Other hints that this might be the reason: bidders seem to be more cautious with more deals falling through than usual, she says. Also marketing times are getting longer.</p>","<p>CBRE noted that foreign buyers are dominating some of the bidder pools and that overall 60% of the buyers in the January through May 2016 deals were cross-border capital. Of that, 87% came from institutions.</p></div>"],"slides":[],"video":null},"articlePackages":[],"youmightlike":[{"uri":"/2018/10/01/maracay-continues-land-assemblage-for-572-home-community/","title":"Maracay Continues Land Assemblage for 572-Home Community","byline":"John Jordan","prettyDate":"October 01, 2018","readtime":"2","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/306/2018/10/az-gilbert-water-tower-resized.jpg","width":"616","height":"372"},"summary":"Maracay officials say the firm intends to close on the third and last land purchase of 80 acres and 240 homesites in Chandler in early 2019."},{"uri":"/2018/10/01/summit-hotel-properties-acquires-residence-inn-by-marriott-boston-watertown/","title":"Summit Hotel Properties Acquires Boston-Area Hotel, Sells FL Property","byline":"John Jordan","prettyDate":"October 01, 2018","readtime":"2","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/306/2018/10/Residence-Inn-Boston-Watertown-Cambridge-Hotel-resized.jpg","width":"616","height":"372"},"summary":"The Austin, TX-based hotel REIT also reports that it has closed on the sale of the 148-room Hyatt Place Fort Myers/at the Forum in Fort Myers, FL for $16.5 million or approximately $111,000 per key."},{"uri":"/2018/10/01/historically-low-industrial-availability-amps-up-urgency/","title":"Historically Low Industrial Availability Amps Up Urgency","byline":"Lisa Brown","prettyDate":"October 01, 2018","readtime":"3","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/312/2018/09/sea-pro-ampac.jpg","width":"616","height":"372"},"summary":"The ProAmpac campus recently purchased by an EverWest partnership totals three buildings in the Kent Valley submarket, one of Washington's most in-demand warehouse and manufacturing locations."},{"uri":"/2018/10/01/marcus-millichap-sells-117k-sf-industrial-building-valued-at-10-95m/","title":"Marcus & Millichap Sells 117K SF Industrial Building Valued at $10.95M","byline":"Steve Lubetkin","prettyDate":"October 01, 2018","readtime":"2","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/308/2018/09/OnePaulKohnerPlace616x372.jpg","width":"616","height":"372"},"summary":"The property sold for $10.95 million at a 6% capitalization rate."},{"uri":"/2018/10/01/maguire-hayden-real-estate-paying-32-million-for-collegeville-pa-office-portfolio/","title":"Maguire Hayden Real Estate Paying $32 Million for Collegeville, PA Office Portfolio","byline":"Steve Lubetkin","prettyDate":"October 01, 2018","readtime":"2","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/308/2018/09/Highview-1-616x372.jpg","width":"616","height":"372"},"summary":"The two buildings, which are currently 93%-leased, are home to anchor tenants IQVIA, Fidelity Information Services and FirstService Residential."},{"uri":"/2018/10/01/moodys-moves-forward-with-278m-acquisition-of-reis/","title":"Moody's Moves Forward With $278M Reis Acquisition","byline":"Erika Morphy","prettyDate":"October 01, 2018","readtime":"1","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/304/2018/03/Moodys-Investors-Service-headquarters-at-7-World-Trade-Center-resized.jpg","width":"616","height":"374"},"summary":"The waiting period for the acquisition ended on Friday allowing Moody's to move forward with its bid."}],"readnext":{"contents":[{"uri":"/2024/10/01/exploring-cre-retail-trends-ahead-of-2025/","title":"Exploring CRE Retail Trends Ahead of 2025","byline":"Sponsored by Placer.ai","summary":"Join this webinar to dive into the strategies used by leading brands and sectors, highlighting the opportunities and challenges that will influence the upcoming year.","prettyDate":"October 01, 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Engines","summary":"Join this webcast, as dive into the merits of adopting proptech solutions and automation in diverse realms of property management","prettyDate":"September 26, 2024","kicker":"Webcast","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/296/2024/09/Building-Engines-Webcast-Image.jpg","width":"616","height":"411"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/11/05/blackstones-jon-gray-recurring-bottom-calls/","title":"Blackstone's Jon Gray Recurring Bottom Calls","byline":"Erik Sherman","summary":"Caveat: his statements are easy to misunderstand.","prettyDate":"November 05, 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