Real Estate Southern California
"The pain is out there for everyone in the short run, but we have seen the last of new office building starts for a long, long time," says Jack Hileman, principal of the Hileman Co. "The inventory and competition is fixed."
Leventakis |
The rest of 2009 will be rough, Hileman expects, but the market should stabilize by the third to fourth quarter and starting next year, "we should be seeing the return to net new absorption. "The best, newest buildings with solid sponsorship should be well positioned to capture the major relocations," he says. "With zero new product entering the pipeline for the foreseeable future, those with patience and wherewithal will do just fine."
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