Friday, April 3, 2009

Commercial meltdown: Companies dumped 25 million square feet

How the commercial real estate meltdown will destroy the insurance industry... Your policies could be at risk.

From Calculated Risk:

Companies struggling to cut costs dumped a near-record 25 million square feet of office space in the first quarter, driving vacancy up and rents down, according to data to be released today by Reis Inc.

The office vacancy rate nationwide rose to 15.2% from 14.5% in the previous quarter, and likely will surpass 19.3% over the next year, according to Reis, a New York firm that tracks commercial property. That would put the vacancy rate above the level during the real-estate bust of the early 1990s, the worst on record.

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