Comments on: Phoenix: Office Rent Bust Following Housing Bust

By: twist

twist — Thu, 24 Jul 2008 20:40:22 +0000

Crashproofed-

The ads roll- it will probably be back.

Google does a better job of making them more site specific than they used to, but I think sometimes they just match “real estate ad” with “real estate site” without considering point of view- and we do get some odd match-ups sometimes.

By: Crashproofed

Crashproofed — Thu, 24 Jul 2008 19:58:19 +0000

The AD changes. Open mouth, insert foot.

By: Crashproofed

Crashproofed — Thu, 24 Jul 2008 19:56:14 +0000

Shhhhh, don’t tell (or do tell?) the advertiser COBE on this page that comm R/E is headed south! Just Sayin. LOL! “Quality Offices, Premier Locations”……GREAT LEASE RATES TOO??? Ha!

By: Crashproofed

Crashproofed — Thu, 24 Jul 2008 19:08:54 +0000

Twist,
Long time reader- first time post. Great site.

I’m jere in east mesa/Gilbert and in my travels over the last two weeks I’ve seen over a 4 mile span 7 NEW commercial office/retail that are finished and 100% empty or have at most TWO tenants. Another 3 existing office/retail are visually 30% occupied. Seems like most are totally/mostly empty or 95-100 full! Makes sense… shoppers go where they can fullfill most errands quickest. amazing also…there are MANY new projects in the works! No matter where you go you here, you have 2-3 choices of any of the same retailer/franchise likly within the same driving range. Commercial building is on Steriods!! Again!! Most learned nothing/nada/zer/zip from the overbuilt 90′s in Phoenix!! I’ll Breath now.

By: freemonster

freemonster — Thu, 24 Jul 2008 16:22:47 +0000

I talked to a mattress retailer in vegas yesterday who said some shopping centers are now offering month to month to come in. These are national credit shopping centers. It’s getting stranger and stranger.

By: NVmike

NVmike — Thu, 24 Jul 2008 13:03:40 +0000

Down 5.6%? Down 6%? Ouch.

A few months ago, Greg Swann presented a rather trite, back-of-an-envelope analysis and concluded that it was a great time to buy in Phoenix (what a surprise!), because the rents now supported the prices.

He apparently forgot not only that home prices can drop, but rents can drop, too.

Guess he needs another envelope now … LOL