According to an article in the Star-Telegram, nearly 200 commercial real estate developers, investors and brokers attended an industry conference this week and the assessment of the current conditions for the commercial real estate market was somber at best.
The article quoted one of the speakers at the conference:
"We've got to acknowledge that winter is here," Rob Sell, a partner in Village Homes in Fort Worth, told the smaller-than-expected crowd at the 20th annual Tarrant County Commercial Real Estate Forecast. "The market, like the seasons, ebbs and flows, and we're in the winter of the market, and we have been in it for a while. We're a year into this recession, and we could be in it for another year. In fact, it may get a little tougher in 2009 than in 2008."
The commercial real estate market has been hit hard with bankruptcies and foreclosures. The massive amount of foreclosures in the residential market and the tightening of credit have spilled over into the commercial real estate sector causing many casualties. Many retailers are fighting off bankruptcy by reducing the size and number of stores they have which is hitting many commercial real estate professionals hard.
The article quotes a commercial real estate professional:
"Most retailers have greatly reduced their plans for expansion, with many planning to close unprofitable locations in 2009," Makens said. "Many retailers will attempt to renegotiate rents with landlords. This process has already begun."
We are in a MAJOR contraction. These commercial real estate professionals and retailers are digging in for the long-haul. The job losses and store closings are here to stay for a long-time. If you're facing a job loss by an employer in these vulnerable industries you need to also think about the long-term.
These jobs could be gone for a long time, two or three years. Don't wait until you have depleted your savings and liquidated your assets to consider how bankruptcy can help you keep your assets safe in these turbulent times. Contact a Dallas- Fort Worth bankruptcy attorney today to discuss your bankruptcy options.