Office

We experienced a steady amount of leasing activity in 2008. However, as a result of the current economic crisis, there is now a wait & see attitude moving into 2009. Companies are waiting to see how the economic crisis will play out locally.

Industrial

Leasing activity was higher than average, driving increased absorption in 2008. Limited new construction will prevent additional supply and will help to keep lease rates stable.

Retail

During 2009 retailers in the market will remain cautious at best. Vacancies will head north, stopping short of recession levels due to construction slowdowns. Expect further adjustments to lease rates, sales prices and cap rates.

Investment and Land

Rents have remained solid and vacancy rates low enabling most property owners to service debt. 2009 will bring fewer buyers, though for investors with cash, there will be opportunities to acquire properties at discounted values.