The commercial property sector continued to be a beacon of success and prosperity during the second quarter this year.
Public property records indicate commercial property sales surged 10 percent during the three-month period from the previous quarter to a total of $57.4 billion, according to a report from Real Capital Analytics. Meanwhile, on an annual basis, sales were up 6 percent.
During the first six months of the year, an estimated 7,590 commercial properties moved on and off the market, totaling $108.8 billion worth of transactions. Although this dollar volume was a 4 percent increase from the first half of 2011, the total number of properties declined 1 percent.
Activity in the apartment sector posted the most significant year-over-year gains, the report said. Apartment properties accounted for $4.9 billion in transactions, which was the smallest dollar amount, but this was a 67 percent increase from the second quarter of 2011.
Overall lending activity in commercial real estate also increased significantly during the second quarter, according to a report from the Mortgage Bankers Association. Specifically, lending activity in the sector surged 25 percent from a year earlier.