Interview with senior Commercial real estate person last night on Lateline Business (refer webcast for full interview).
Basically he said there has been a movement in capitalization rates of between .75 & 1.5%. With prices dropping between 15-20%. London has been hit but some buyers now looking.
He seemed to highlight the problem as being a big gap between what buyers are willing to pay & vendors offer prices.
Also pointed out credit crisis is stopping large deals from happening at present.
Regards
Buffett
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