Posted on 04/07/2010 6:44:30 AM PDT by SeekAndFind
Office vacancy rates are now at their highest level in 16 years, according to a report published Monday, as elevated unemployment levels across the country continue to temper the demand for space.
Roughly 700 million square feet, or 17.2%, of the more than 4 billion of available office space nationwide was unoccupied as of the end of March, according to the real estate research firm Reis. The last time office vacancies were this high was in 1994.
The number of empty offices has been on the rise since the start of 2008, as soaring unemployment and a wave of business failures have crushed commercial real estate.
The trend however, has not just been isolated to those parts of the country that have been particularly hard hit by the recession.
In fact, nearly three-quarters of the country's major metropolitan areas experienced an increase in office vacancies in the first quarter of 2010.
(Excerpt) Read more at money.cnn.com ...
Folks, I’m here to tell you, reports of economic recovery have been greatly exaggerated.
The feds are on a pace to lease 3,000,000 square feet of space in the DC area this year alone! We are going to need all that room for all of the bureaucrats who will decide whether we live or die and the IRS agents who will be our overlords. mega s/
All the Keynesians find this “unexpected”.
A couple weeks ago 3,000 people disappeared from the US Bank Centre building, overnight.
It's very sad to see happening.
Thanks Democrats, you freakin' morons.
Great. We did have fair warning from Gerald Celente though. This is getting past “outta hand,” and into “hold onto your hats”!
"This is the moment when we must build on the wealth that open markets have created, and share its benefits more equitably. Trade has been a cornerstone of our growth and global development. But we will not be able to sustain this growth if it favors the few, and not the many."
-Barack Hussein Obama
And yet more commercial space is being built!
I don’t get it!
When the conversation gets around to the problems today I just love asking the liberals "Didn't you believe Rush when he was warning you". They almost go catatonic at that point and then the discussion changes to how is the weather or have you tasted the new ice cream at the 7-11?
Much fun.
Sadly, that’s about as much as they seem to wrap their minds around, otherwise we wouldn’t be here. It’s just calling their bluff, on speaking about things of which they know little, to nothing; so it would seem.
Maybe they’re securing EPA permits. /s
Rapture?..................
I've noticed an interesting trend, too . . . it seems that most of the active construction I've seen in the last 18 months has involved commercial buildings where one of the occupants is the owner himself.
That “hole in the ground” is the symbol of evertyhing that is wrong in America. We cannot build, we cannot use our God given talents to innovate and implement or even plan a building without government stepping all over the plans and saying “No!”...................
The problem is companies are moving out of the old buildings and into the new ones, which of course hits the old building pretty hard.
The commercial real estate market is about to get hit real hard, and when it does it won't be pretty.
Imagine the plethora of jobs that would be created if the government became business friendly and privatized many of its services.
All that commercial real estate would be gobbled up by entrepreneurs, our economy would be on fire!
Sorry, I’ll put away the crack pipe now...
The problem is companies are moving out of the old buildings and into the new ones, which of course hits the old building pretty hard.
The commercial real estate market is about to get hit real hard, and when it does it won't be pretty.
When I first read the headline, I thought:
“1984, like the precautionary tale of the U.S. under communism.”
My bad!
I know, it’s 1994. Still, seems the same to me.
I watched a documentary on the 1929 collapse. They had a mini-collapse early on and a banker stepped in to backstop the market. Everyone cheered and ran the market back up. No one fixed the underlying problems, no one cared that the economic prosperity was smoke and mirrors. Then it went over the cliff and the rest is history. Sound familiar?
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