"While this cautious approach will protect creditors from making irrational decisions, it will also slow down growth -- the one thing needed to pull the economy out of the recession," the report adds.
About 503,000 sf is under construction in the 64.1-million-sf market, the report says. The current vacancy rate stands at 7.4%.
"Retailers who understand that the rules of the game have changed will survive," according to Grubb & Ellis. "Lease rates will dip in 2002 as some industry fallout is expected to increase the supply of vacant space. In addition, subleasing and liquidating will take a more prominent role allowing for ample business opportunities for both sides of the transaction.
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