If they don't, they likely will have major problems in filling space. As for the apartment community, the fight to get new tenants is under way. As our story points out, at least 40 to 50 percent of the apartments in the area are giving some kind of deals to prospects. And that will intensify as word gets out about the oversupply in the marketplace. For consumers and companies, we believe this represents welcome relief.
People are worried about jobs and companies are concerned about sales.
Everyone is looking to cut costs. To some extent, the real estate community got overzealous in its attempt to build and earn more. That balloon is about to burst. And consumers and corporations will not subsidize the losses. We also believe this enormous expansion of our real estate base in the past decade that led to scores of new firms and brokers will now stop.