Tokyo overtook London and New York to lead in commercial real estate sales in the first half, even as the global credit crunch cut property sales in half worldwide, according to Real Capital Analytics Inc.
Sales of office buildings in Japan jumped 103 percent to $12.6 billion in the six months ended June, while U.S. office sales fell 69 percent to $28.6 billion and the U.K. fell 64 percent to $11.4 billion, according to the firms midyear review. Office transactions globally fell 60 percent to $108 billion and sales of all types of commercial property combined fell 49 percent to $306 billion.
Increasing Japans total, the government-controlled bank Resona Holdings Inc. sold its Tokyo headquarters to Mitsubishi Estate Co. for 162 billion yen ($1.6 billion), Shinsei Bank Ltd. sold its head office for $1.1 billion to a Morgan Stanley fund and Citigroup Inc. sold its 22-story Tokyo headquarters to Morgan Stanley for about $448 million as the U.S. bank cuts jobs in Japan.
More : bloomberg.com
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