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The Commercial Real Estate Time Bomb has gone off but it has been lost in the euphoria of economic cheerleading and bottom calls based on dubious (at best) earnings reports from banks. Here are a few headline items from the past week or so to consider.
This is just the beginning and if you think the non-commercial market took at hit with the housing bubble burst you're in for a new awakening. We aren't out of a recession, we're heading into a full blown depression. I DO HOPE that I'm wrong but I've heard this from professionals in the industry for the last 8 months.
I'd like to see the statistics differentiated between indoor malls and out door strip malls.
Around here, and just about everywhere else I've been lately, the "new" strip malls are booming: new construction, packed parking lots, healthy ancillary businesses such as restaurants and bars. The only stores I've seen closed are those which belonged to retail chains which went out of business.
The enclosed malls, however, are suffering and closing down. The only one we have left locally is more than half empty and going there is like visiting a funeral home. Why? The high cost of maintaining that air conditioned and heated comfort which was their premier selling point when first built about 20 years ago. I've noticed the same thing in other places.
Perhaps the figures your post indicated don't really tell the whole story.
The Commercial Real Estate Time Bomb has gone off but it has been lost in the euphoria of economic cheerleading and bottom calls based on dubious (at best) earnings reports from banks. Here are a few headline items from the past week or so to consider.
So sick of the concept of a "mall" being a place filled with stores that have merchandise made from other countries, all of which is vastly overpriced. It may be time for the concept of the "mall" to go away, a casualty of a high-tech society and the internet.
The Commercial Real Estate Time Bomb has gone off but it has been lost in the euphoria of economic cheerleading and bottom calls based on dubious (at best) earnings reports from banks. Here are a few headline items from the past week or so to consider.
Tear down the unused office buildings and empty malls and build housing on that already developed property so they don't have to tear down more woods for houses and apartment complexes. The construction workers stay employed. The roads are already there....
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Good!
