Jan
12

Columbia’s Restrained Growth Will Prevent Major Swings

By
– SCbizmag.com

Commercial real estate companies are anticipating a challenging year in 2009 and are bracing for what could become the longest recession since the 1930s. That’s the analysis made by Grubb & Ellis Co., a real estate services and investment firm, in its 2009 Global Real Estate Forecast.

“The economy will struggle in 2009, which will dampen demand for all product types, resulting in negative absorption and increased vacancy,” said Robert Bach, senior vice president and chief economist of Grubb & Ellis. “We expect total payroll job losses in the range of 1 (million) to 2 million in 2009, on top of the 2-plus million in 2008. GDP is likely to shrink by 1 percent in 2009, compared with growth of 1.3% and 2% in 2008 and 2007, respectively.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.scbizmag.com/content/view/101538/1/
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