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Old 01-19-2009, 08:58 AM
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Has the string of corporate bankruptcies, store closures and mounting vacant inventory resulted in price/rent declines? What is the best deal you can get on office space and retail space in your region?
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Old 01-19-2009, 06:44 PM
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Not sure really if there has been any lowering of rent or prices but I do know that many commercial REITs like malls, warehouses etc have taken a pretty big beating.

Prologis down 80% from a year ago - industrial distribution
General growth properties down 96% from a year ago, almost near bankruptcy - retail/mall
Developers Diversified Realty down 80% from a year ago - retail/mall

Same story for many other commercial REITs.
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Old 01-19-2009, 07:36 PM
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The situation with the REIT really reflects the melt down in traditional lending sources for thes kinds of ventures -- AIG went kersplat and the collapse of Lehman Brothers / take-over of Bear Sterns meant that ability to put together MONEY for REITs' mere existence / function (and day-to-day these guys need LOTS of liquidity...) become orders of magnitude more difficult...

Prices move more slowly, due to the fact that cash flows are not the only valuation. Some stuff is doing OK in terms of vacancies, other places are a nightmare -- malls that were unlucky enough to have space devoted to three or more bankrupt stores are hard to reposition on short notice. Longer term the shear amount SPACE that is unoccupied MAY actually give the operators MORE flexibility in shifting the whole mall to a different use, but that takes TIME.
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