REITs still waiting for commercial space demand to rebound

10/29/2009 | Wall Street Journal, The

Heavy manufacturing, transportation and banking companies are gaining confidence they've put the worst of the downturn behind them, but REITs aren't ready to draw that conclusion. The comments offered by publicly traded REITs through the earnings season suggest executives expect more tough challenges. SL Green Realty Corp. said it doesn't expect commercial real estate rents to start heading up before the second half of next year. At Boston Properties, Chairman and co-founder Mort Zuckerman offered a similarly grim view. "I don't think we're out of the credit crunch," he said. "I think the unemployment numbers are going to be very, very serious through the next year."

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