Looks like all the retail space near Franklin Square is going to be leased by November 1. I understand Agreements are in place or just pending execution. I am also fielding increased serious inquiries on the Flex Space.
Because new projects are few and far between due to the restricted lending and credit environment the supply of space you see now is not going to increase. Even current demand will slowly reduce the current available supply. If the pundants are correct and the economic recovery is underway an up tick in demand for space, almost any up tick, will quickly absorb the current supply.
To bring additional space on line from the starting point I think most developers are today, ground zero, would take at least a year and that assumes financing could be obtained at feasible costs and conditions.
The point is the market may be moving from more supply than demand to more demand than supply and that will mean rising rent rates. Now might be the time to start looking.
Thursday, October 8, 2009
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