Downside Looms to Commercial Upside -- Year-End Occupancy Steady, but New Year Brings Reduction in Space Needs

Summary

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Despite ongoing economic challenges, the Memphis commercial real estate market showed promise at the close of 2008. However, local real estate professionals aren't breathing a sigh of relief yet.

"As statistics go, they are not always as indicative of the real- time world," said Ron Kastner with CB Richard Ellis Memphis . "On paper where (the year) ended up, it looked OK. You're really going to see next quarter what you didn't see this quarter."

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Downside Looms to Commercial Upside -- Year-End Occupancy Steady, but New Year Brings Reduction in Space Needs

As downsized companies began to shed unneeded office space, a slight increase in vacancy and sublease space emerged, according to the fourth quarter 2008 CBRE...

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