Market still good: A woman walks her dog in Weehawken, New Jersey, as the Empire State Building and Middle Manhattan are seen in New York. Blackrock says US commercial real estate recovery still has room to run. – Reuters
SINGAPORE: Federal Reserve officials say US commercial real estate is expensive. That isn’t stopping the world’s biggest money manager from saying it’s time to buy.
BlackRock Inc says property can deliver average yields of 3.5%, compared with 3.4% for U.S. investment-grade bonds and the S&P 500 Index’s dividend yield of 2%. Demand is spreading as far as Asia, where Mirae Asset Securities Co. is buying US real estate, including some of the Seattle buildings that house Amazon.com Inc.
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