More Commercial Properties Headed to Auction Block As Owners Offload Underperforming Assets
• More commercial and industrial properties expected at auctions as owners look to offload underperforming assets • Investors keeping an eye out for good deals from distressed businesses or units not sold in open market • About 7% of listed auction properties were sold in 2022, over half were industrial • Knight Frank forecasts up to 10% auction success rate in 2023 amid challenging business climate • Some home owners may cash out on residential properties to take profits from rising prices in recent years