However, it is not without issues to overcome – especially the lack of infrastructure and easy access to markets. For the past couple of decades these areas were not accessible due to the violence and therefore there was no opportunity to build a comprehensive road network. Nevertheless, “Where there’s a will there’s a way” seems to be Colombia’s motto.

A sad comment in the article is that most or at least many of the original individual landowners will not return to work their land; they are too scared from the previous presence of the FARC and the atrocities they committed. They will sell it and most will be purchased by large agro-industrial concerns.

Once the strong investment and activity really kicks in and foreign agro-industrial firms begin to acquire large swathes of land, it will be interesting to see how Colombia reacts to growing foreign land ownership. Will it move to promote jingoistic counter-actions as Brazil and Argentina have? These latter two countries have and are enacting laws to limit foreign ownership of agricultural land. I bet on the side of rational Colombian behavior.

So, what has occurred since then? What sectors are hot?

From February 2009 to June 2010, 102 multi family properties were sold at auction and the variance between asking and sell price was 90%. From July 2010 to April 2011, the variance was 82%. More sales occurred however, with 132 multi-family properties with a total value of over $2 Billion sold at auction in just a ten month period.

The number of office properties sold at auction increased significantly. While only 108 office properties sold at auction during the February 2009 to June 2010 timeframe, the number increased to 202 sold during the recent ten month timeframe. The total dollar volume was just over $1 Billion. During the earlier period, the variance between asking and sell price was 75%. The gap closed during the most recent period, with average asking versus average sell at 99%. The data suggests that the overall average does not reflect steady monthly occurrences but rather sharp peaks with average sales prices surging in some months and dropping in others.

Industrial/flex property auction sales are up as well. Last year, when we compared half year 2010 sales to 2009 sales, we found a ten percent increase in number of transactions brought to market. During the entire earlier period, 132 industrial/flex properties sold at auction and average asking price to average sales price was 65%. When we look at just a recent 10 month period, the number jumps to 174 industrial/flex properties valued at just over $300 Million traded at auction. Prices during the earlier period were becoming more aligned and have continued. The former data showed a slight increase in the variance between asking and sell price, or 67%. Of interest is that the gap has narrowed in the most recent 10 month period with average asking to sell prices showing a variance of just 81%.

Retail property auction sales are also up. Retail properties being offered for auction dropped by more than 40% during the first half of 2010 as compared to the last six months of 2009 and were 20% less than the first half of 2009. During a 17 month period, 341 retail properties sold at auction and the variance between asking and sell prices at 70%. More consistency is found over the recent 10 month period when 299 retail properties with a total value of $1.1 Billion were sold at auction. We witness sharp peaks with high average selling prices surging in some months and dropping in others, with overall “average prices” suggesting a gap of just 1% or a variance of 99% when comparing average asking to sell prices.

While we had not considered land sales at auction last year, there were 191 transactions with a total value of over $1 Billion during the July 2010 to April 2011 timeframe. Average sell prices were 65% of average asking prices.

NAI Global has also witnessed increased interest in auction sales, with greater activity in sealed bid PowerSale, live and online auctions programs over the same period.

To learn more about NAI Global’s accelerated marketing program, visit www.naiglobal.com/powersale, or contact Patricia Faulkner at pfaulkner@naiglobal.com.

The Commercial Property PowerSale™ is an accelerated marketing program developed by NAI Global to match motivated sellers with investors and owner/users searching for prime investment opportunities. This unique marketing program gives sellers the opportunity to sell their asset quickly, reducing their holding costs and securing true market value for the property.

Interested buyers will have an opportunity to bid on industrial and retail/restaurant properties in 10 states. Large industrial properties include a 416,000 SF former Lenox plant on 56 acres in Galloway, NJ, near Atlantic City; a 238,000 SF industrial property on 40.6 acres near Chattanooga, TN; a 217,000 SF industrial facility in Salem, IN; and a fully entitled 300-acre mixed-use development opportunity in North Port, FL, between Sarasota and Ft. Myers.

The PowerSale™ also features 34 closed restaurants in Delaware, Florida, Georgia, North Carolina, Ohio, Pennsylvania and South Carolina, offered by a national lender. Building square footage ranges from 1,200 to 9,300 SF and includes former Wendy’s, Hardee’s, Boston Market, Golden Corral, Chevy’s, Waffle House, Roadhouse Grill, Pizza Hut, Sonic, El Pollo Loco, Popeye’s, Bennigan’s, Church’s, Papa John’s and more.

Prospective buyers and sellers interested in learning more about the Commercial Property PowerSale™ should visit NRC.com/PowerSale or call +1 800 747 3342 x102.

“Hayim brings a new energy and leadership to the Las Vegas office,” said Jeffrey M. Finn, NAI Global President and CEO. “Since joining the firm, Hayim has raised NAI’s profile among owners, investors and tenants across the market. He has the vision and experience to lead the Las Vegas brokerage team to even greater success as the region recovers from the downturn.”

“This is an exciting time for a broker,” said Mizrachi. “Las Vegas is on sale, and there are tremendous opportunities for investors and corporate space users interested in owner/operator, in all product types. Las Vegas was hit the hardest during the economic downturn, but now prices have come down and in many locations overcorrected, leaving opportunities for savvy buyers.”

Mizrachi joined NAI Las Vegas as First Vice President and Business Manager in 2010 and was responsible for driving the business development and broker recruitment process for the office. Prior to joining the firm, he served as a commercial real estate specialist for Prudential | IPG Commercial Real Estate, and previously worked with Mizrachi Development as Operations Manager. He is a graduate of the University of Nevada, Las Vegas, where he earned a degree in business administration and marketing.

NAI Las Vegas is located at 840 Grier Drive, Suite 340 in Las Vegas. For more information, visit www.nailasvegas.com.

The current average price per acre of $182,400 or $4.19 per square foot represents an 80.6% decline from the peak witnessed at the onset of the recession, during the fourth quarter of 2007.  Current price points are now at a level not seen since the pre-boom cycle in early 2003.  Southern Nevada will continue to lag behind the national economic recovery but we are optimistic that prices will begin to stabilize as local recovery becomes imminent.