| We snapped respected RE watcher (and Grubb & Ellis senior veep)Bob Bach after his panel discussion Friday at NAREE in Austin. Unfortunately, Bach?s expression says it all, as he offered no words of encouragement for the US office market. ?The leasing markets continue to deteriorate, there's no question about that,? he told us. We'll hit bottom by year-end, but not before vacancy tops 18%, the highest rate Bob has seen in 25 years. As Atlantans, we braced ourselves when Bob listed the country?s worst office markets, but Phoenix and Detroit took the cake. Whew! (Apologies to locals from those towns who just stumbled on this story in Google News.) |
FIRST THE BAD NEWS…
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