Soros, Ross see Bloodletting in Commercial RE

crain's threw in some other stats.

Building sales volume down 75% Commercial rents down 20-30% or so, but when they factored in incentives, they found its actually closer to 50%.

This is the next leg down...

From the Real Deal:
Wilbur Ross: Commercial crash on its way

October 30, 2009 04:30PM

Wilbur Ross
A massive U.S. commercial real estate crash is in its beginning stages, billionaire Wilbur Ross said today. The WL Ross & Co. CEO, who is also working on a government program to rid banks of their toxic assets, said he is practicing extreme caution on the commercial real estate investments front, especially with regard to office spaces, which are rapidly shedding tenants. Though the Public-Private Investment Program has made $1.5 billion in pooled government and private funds available to his company for purchasing banks' distressed assets, Ross said he had used less than $100 million of those funds by Oct. 15, and that the money he spent went toward residential mortgage-backed securities rather than commercial properties. Earlier this month, WL Ross, along with several other firms led by Starwood Capital Group and TPG, agreed to buy $4.5 billion in real estate from the seized Corus Bankshares, after the bank's investments in construction loans for condominiums went sour. [Bloomberg]
TAGS: CORUS BANKSHARES PUBLIC-PRIVATE INVESTMENT PROGRAM STARWOOD CAPITAL GROUP TPG WILBUR ROSS WL ROSS & CO

300 yards comin due in 2010. good nite

"Mack-Cali Chairman: "Commercial Real Estate Is Somewhere Between An Orderly Massacre And A Disaster"

http://www.zerohedge.com/article/mack-cali-chairman-commercial-real-estate-somewhere-between-orderly-massacre-and-disaster

There have been bulls on this board saying that commercial was the next leg down for about a year.... I wonder if it will be even worse than the residential angle... of course, it will hurt the residential angle some more.