Rough times for real estate

June 26, 2008

Commercial real estate markets around the globe are facing a challenging environment but unlike the housing meltdown the fundamentals remain strong. The U.S. subprime crisis and subsequent global credit crunch has cast a huge shadow over the commercial real estate market and the amount of property that is being bought and sold. But the market is not completely dry. Sovereign Wealth Funds from the Mideast are gobbling up trophy properties in New York and that is a trend that's likely to continue. Ruben Ramirez reports from New York.