With bldgs. having debt coming due in 2009, the big question is "where are the banks on the idea of rolling over the debt?" Well, thanks to the TARP and other things, we will see a lowering of interest rates quoted on your garden variety commercial loans. The reason being, in order to bring about major change in the economy, the thousands of loans Must roll in order for stability in the banking system to take affect. The boys at treasury will be watching with a keen eye.
What is really happening in retail is: Weekends are jammed at the malls and on the weekdays they are dead. Same with Hotels in Vegas, jammed for the weekend and cancellations for weekday conferences happening at an alarming rate.
Rail served bldgs. will be back in play in the second half of 2009, as energy prices rise again and the flow of commerce gets transferred to the mighty rail lines which growing very nicely until September 2008..
Office space in and around the rail stops will continue to see better occupancy rates higher than the suburban areas.
New Jersey should receive significant money from the US bailout and NY state will be bailed out even more so , good news for highway and bridge builders.
Growing retailers are: 2nd hand stores, dollar stores, grocery chains, car washes, dental offices(yes they do look at strip malls).
Chris Galiano, SIOR
Managing Director
NAI DiLeo-Bram & Co.
Piscataway, NJ
cgaliano@naidileobram.com
Monday, February 16, 2009
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