Standard & Poor's was also down, ending the trading session with a loss of 9.14 points. Concern about increased heating costs this winter have some fearing rents will rise as owners pass off costs to tenants. Wholesale inflation was up last month, in part because of the rise of the cost of gas, by 0.4%. The producer price index was also up 0.4% last month. Energy prices rose last month 1.4%.

As Priceline.com, among other dotcoms, continues to struggle, and e-businesses like Pets.com join Urbanfetch.com on the landscape of defunct companies, the predictions of the majority of panelists in the real estate industry who spoke at the PACT conference last Monday (covered here) have increasing weight. Speakers such as Joe Fitzpatrick of Project Octane noted, "a shakeout is eminent."

Many are predicting that skyrocketing rent, such as the more than $750 per sf Jil Sander will fork over for an East 57th St. retail address, as covered here, can't hold. Richard Hurd of GE Capital tells GlobeSt.com, "Is the market too hot? Yes." He adds, however, that neither he nor his company believes we are heading toward a recession. While some argue that there are enough financial capital companies looking for space that a dotcom shakeout would not impact the leasing world, others say the correction will get more vicious.