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Boyd B. Stofer,
Chief Executive Officer.
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"Now
that the boom years of the late 1990s are clearly over, many
business people are asking, “What will come next?”
Clearly, there is a sense of urgency to identify the next great
economic “driver” – the next technological breakthrough that
will fire up our economic engines and launch a new era of growth in
profits, jobs, companies and ultimately, commercial real estate
development."
(full
article)
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Retail property owners scored a
bull’s eye over the second half of 2002, with continued
strength in vacancy, absorption and tenant mix. Depressed
employment numbers, however, put a chill into the office and
apartment markets.
From
the 20% office vacancy to the multifamily rate of 6.6%, the
story from the second half of 2002 was rising vacancies, with
only the industrial market hitting the bottom of the decline.
However, low interest rates and an abundant supply of capital
gave property owners an opportunity to refinance and shore up
their bottom lines, and helped prop up a slower than normal
investment market.
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| The
Market Story |
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Shallow
economic
recovery fails to rally office, industrial, apartment
markets |
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Strong
market for retail
space lowers vacancy rate to 4.5% |
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Savvy
buyers may
see some unusual opportunities in the coming year |
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Weak
job market continues to impair demand for apartments |
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Medical
office,
capital markets tracked for the first time in
this edition |
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Watch for completely updated market research in July 2003
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