| Our DC reporter caught NY’s own Jim Hedges of Brookfield Properties at a DC/MD NAIOP forecast yesterday in Bethesda, MD. Jim says net effective rents dropped 40% overall in Manhattan during ‘09. With more auctions and distressed sales on the horizon, he predicts prices will stay low, referencing the Wall Street Journalheadline: “Rents Signal Rise of DC, Fall of NY.” (We still have the better football team, though.) The silver lining in ’09—REITs were able to raise equity/debt to the tune of $33B nationwide and opportunistic buyers will continue to take advantage of “the carnage” this year. Foreign investors, REITs, and non-traded REITs, will step up next year, but good quality product will be scarce nationwide |
AT LEAST WE HAVE THE JETS
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