More Recovery Predictions, East Coast Style
From the Boston Globe, an article by Casey Ross looks at the office vacancy issue in that city. Rents in Boston have dropped for five consecutive quarters, and are down one third to $42.46 per square foot, according to CB Richard Ellis. Just a little higher than the Seattle market . . . He's also got a recovery prediction from Deloitte:
A survey released by the financial advisory firm Deloitte this week found that nearly 75 percent of real estate executives believe rents and property values will continue to fall in 2010. Most predicated [sic] a full recovery in two to three years.
This is in line with what I'm reading about Seattle/Portland.
