Real estate forecast: Gloom, touch of doom
Kansas City Business Journal reports: Mortgage banker John Parker fears the commercial real estate market is a long way from hitting bottom.
“People are saying now that the market may not bottom until 2011,” said Parker, CEO of Q10 Triad Capital Advisors in Mission. “I hope that isn’t the case.”
New data, however, suggest a grim future in which tight credit, plummeting values and a lingering recession squeeze commercial real estate players out of the industry and leave stalled projects, such as the $130 million West Edge complex near the Country Club Plaza, as monuments to unfortunate timing.
According to Real Capital Analytics, the value of distressed and potentially troubled commercial properties in this market has more than tripled to $981 million from $322 million in January.
View the full article on Kansas City Business Journal: Real estate forecast: Gloom, touch of doom
Posted by: Nina Turner