Building Sales grinded to a virtual halt with only two sales over $50 million.
Office leasing was light as major corporations are taking a wait and see attitude as rents are expected to continue to fall. High end office rents should also deteriorate as fewer and fewer $100/RSF rents are achieved and more hedge fund space comes back on the market.
Retail rents should plummet as retail sales did over Christmas combined with the store closing of banks and national retailers who not only close stores but cancel or curtail new expansion as well.
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