A recent article in the Washington Post reminds us of the real estate market and how hard it is being hit. On the one hand due to countless companies downsizing or simply going out of business throughout the US, office space is being emptied
: “Nationwide, more than 19 million square feet of space — enough to fill more than 300 football fields — has been emptied by office users this year…”.
Another important point mentioned in the article is the fact that deals are falling through or just not closing anymore. Commercial real estate sales “including office, mall and warehouse properties are expected to be less than half of last year’s record-setting $514 billion, according to Real Capital Analytics of New York.”.
What started off as a subprime mortgage crisis with too many homeowners not affording what they bought, is now becoming a widespread problem throughout the Real Estate industry.
Image by jef under CreativeCommons
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