Commercial real estate in Atlanta has been on a downhill slide for more than a year. But the slide will become an avalanche in the next six months, says Jay Mannelly of Bullock Mannelly Partners, one of Atlanta’s oldest commercial real estate investment brokers.
He’s referring to the time frame when the renewals on construction loans and the debt on existing buildings will be coming due.
Sales aren’t happening, except in desperation.
Refinancing debt on existing buildings will be difficult since fewer occupants equal less rental income.
Call it a bloodbath, avalanche, tsunami or the other shoe. Regardless, it will not help the mess known as our banks’ balance sheets.
Testing
Once again the ELCA engages in sheep stealing versus the Episcopal Church.
I guess they are jealous of our booming attendance and burgeoning membership roles due to the influx of partenered gays and lesbians.
😉
Umm…mousestalker, I think you’re on the wrong thread. 🙂
Re: commercial real estate bust. I’m not sure that this is a bad thing. Many businesses in my area have gone out of business because they couldn’t afford the massive rents/mortgages on their space. Just a month ago the regional Boy Scout Headquarters that has been in the same place for 30 years found itself, because of reduced revenues, unable to afford its rent and had to move way out on a highway that’s very inconvenient for anybody to get to. An indoor batting facility that we’ve been going to for years lost it’s lease. And on and on. If the bottom drops out of commercial real estate, businesses will be able to get back into business.