I stopped by NBC 7/39 yesterday afternoon for my weekly segment to chat about the distressed hotel sector and some possible impacts to the greater economy:
View more news videos at: https://www.nbcsandiego.com/video.
A number of stories this week have focused on the trouble brewing in commercial real estate. Here’s a rundown to catch you up:
- A new report showed another vacancy increase in the third quarter for office landlords nationwide (via the LA Times real estate blog). Here’s a stunning detail:
The change has been so pronounced that the current recession has reversed almost all the gains in occupancy from the real estate boom years of 2006 and 2007.
- San Diego’s office market reached a 20 percent vacancy rate for the first time in 16 years (via the U-T; the North County Times included Riverside data, too). Again with the stunning details, from the U-T:
To put the statistics in brick-and-mortar terms, 14.5 million square feet (vacant) out of a 56.6-million-square-foot base equates to nearly all the office space in downtown and Mission Valley, the region’s two biggest office markets.
- A gaggle of local commercial real estate experts sound grim, especially concerning local office and retail space (via the Daily Transcript).