Oh, yeah. There's heap big trouble looming in the commercial real estate market. I mean serious bad mojo. Real estate is the family business (lot of ex-preachers in real estate), and the abdominals are definitely clenched. Never been so glad to have passed that flavour of entrepreneurialism by. My dad's REIT is basically going to live or die on a rail line extension from New York that may or may not be refurbished, and that assumes NYC herself doesn't go back to her 70's style malaise.
I see a lot of empty office space out in Oregon's Silicon Forest (i.e. Hillsboro and vicinity), where all the dot-coms died. Downtown Portland, though, place be hoppin'. I'm thinking we have our "urban growth boundary" to thank for it. Even so, when I see a massive class 'A' complex in Hillsboro with an actual for sale sign on it, something is very very wrong.
A couple of Asian churches got very nice digs as a result, though. Which led to the further jarring-but-rather-nice image of a lovely children's playground next to a shining glass tower.
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I see a lot of empty office space out in Oregon's Silicon Forest (i.e. Hillsboro and vicinity), where all the dot-coms died. Downtown Portland, though, place be hoppin'. I'm thinking we have our "urban growth boundary" to thank for it. Even so, when I see a massive class 'A' complex in Hillsboro with an actual for sale sign on it, something is very very wrong.
A couple of Asian churches got very nice digs as a result, though. Which led to the further jarring-but-rather-nice image of a lovely children's playground next to a shining glass tower.