Monday, December 28, 2009

CRE: "We thought we were different"

by Bill McBride on 12/28/2009 11:54:00 PM

From Eric Pryne at the Seattle Times: Commercial real-estate market suffered in 2009; more of the same forecast for 2010

In 2007, developers excavated a deep hole in downtown Seattle at Second Avenue and Pine Street for the foundation of a 23-story luxury hotel and condo tower.

They filled the hole in 2009.

That pretty much captures the kind of year it's been for commercial real estate in the Seattle area.
Lots of good information in the article about commercial real estate in the Seattle area. After discussing rising vacancy rates and falling rents, the article finishes with this great quote:
"About a year and a half ago, we thought we were different," [Jim DeLisle, a University of Washington professor of real-estate studies] told one recent forum. "Nobody is really different."
How times did we hear "it is different here" during the housing bust?