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High Job Losses To Sink Demand for Commercial Space

Published Tuesday, December 09, 2008

Landlords across property types are in for a nasty decline in tenant demand for space, thanks to an accelerating employment drop, researchers say. U.S. non-farm payrolls shrank by 533,000 jobs in November, the Labor Department reported on Dec. 5. “No sector is exempt, and virtually every metropolitan statistical area in the country will feel the effects,” says Hugh Kelly, principal of Brooklyn-based consulting firm Hugh Kelly Real Estate Economics. “I expect leasing velocity to stall completely in the next few months, with absorption for all commercial property sectors running negative.” Job losses in the last three months alone ...

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