For Commercial Real Estate, Hard Times Have Just Begun

NYT.com ^ | 9/1/09 | TERRY PRISTIN

[Kartographer]

Mr. Parkus said that vacancy increases and rent declines already mirrored what happened in the 1990s, and until new jobs were created, generating an increase in demand for commercial space and more retail spending, this was not likely to be reversed.

Building values have declined by as much as 50 percent around the country, and even more in Manhattan, where prices soared the highest. As many as 65 percent of commercial mortgages maturing over the next few years are unlikely to qualify for refinancing because of the drop in values and new stricter underwriting standards, he said.

[Frantzie]

Job creation? What is that? Only way we will see ANY job creation is if 3 people get fired = Obama, Pelosi and Reid.

[thinking]

I was in Japan, in the late 80s early 90s, when the commercial market died...it stopped the economy PERIOD

[editor-surveyor]

BFL