Hope seen for commercial real estate rebound
"Leaders of Cornish & Carey Oncor International told some 400 brokers Tuesday that the dismal commercial real estate market is showing signs of life. “It’s better, there’s light,” said Phil Mahoney..."
I don't know Cornish & Carey Oncor International, but does this remind anyone else of Goldman Sachs peddling garbage to it's investors while betting against the very same investments in it's own portfolio? Does their opinion have anything do with the fact they need to unload 1.7 million sqft of Moffett Towers?
Retail space is completely overbuilt in the US. Is there any reason to believe office space is any different?
Another question is why are our 40 year old buildings substandard when there are buildings 100s of years old in Europe that are still being used?
