(Reuters) - World sales of major commercial properties fell 49 percent to $306 billion in the first six months of 2008 from the same period last year, as sales in developed countries were hit hard by the credit crisis and slowing economies, a report released on Friday said. Real Capital Analytics said dramatic shifts in the capital flows for commercial property became evident in the first half of 2008 as Tokyo overtook London and New York as the most active sales market and investors began favoring Asian markets. Overall office sales were down 60 percent in the first half of the year versus a year ago, and sales of hotels were off 68 percent. Sales of shopping centers were down 54 percent in the first half of 2008. Industrial property, comprised of warehouse and distribution centers, fell 38 percent. Apartment building sales were off 34 percent. More
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