Where were these experts in this article when I was predicting a crumbling in the market? I know, they were cheer leading and talking their book. We are only in the early stages of this CRE bust. I have driven around town and there are many developments with zero or only a few tenants. As the Great Unwinding begins both the strong and weak hands will fold.
From the Bakersfield.com:
Victims of bad timing and economic conditions that have clobbered mom-and-pop store owners, Bakersfield’s independent retail market is struggling to an extent not seen since the 1990s.
The vacancy rate among Bakersfield’s standalone shopping centers has reached about 13 percent — double what it was a year to 18 months ago, according to Scott Underwood, a broker at Grubb & Ellis/ASU & Associates.
“It’s going to be a while before all this retail space is absorbed,” he said.