Commercial Real Estate: The Next Hole in the Economy
Posted on November 20th, 2009 by admin
D.C.-area developer Jeff Neal gives the Huffington Post Investigative Fund a tour of empty commercial properties just blocks from the Capitol. Hundreds of small and medium-size banks are facing huge numbers of possible defaults by builders who erected thousands of office towers, condominiums and shopping centers with the easy credit available five years ago.
Duration : 0:4:4
[youtube Q4TqcnID77c]
November 20th, 2009 at 9:47 pm
It is bad by my …
It is bad by my house.
There are big stip malls that have been there for a year and a half or more and they might have one lease in them and these are real busy areas.
My dad called this 2 years ago because he lived through this stuff in the early 80’s. Back then they would just bull doze commercial properties because they were worthless.
November 20th, 2009 at 9:47 pm
So let them fail.
So let them fail.
November 20th, 2009 at 9:47 pm
Once the market …
Once the market finds a real bottom those building will fill up. The longer the government props up the fraudulent housing and commercial real estate markets, the longer those buildings stay empty.
November 20th, 2009 at 9:47 pm
This whole part of …
This whole part of SW D.C. is a brand new ghost town. He’s right, they did bite off more than they could chew.
That said, why don’t they try dropping their absurd apartment rents and temporarily rent//lease their condo space. They’re doing the equivalent of trying to sell a home for 2006 prices, it’s an inflated unrealistic number, and now everyone knows it. That’s why your luxury residential space is empty.