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Q3 results for the Orange County and Mid Counties regions still reflect tight market conditions caused by persistent low vacancy and the absence of sufficient new deliveries to meet demand.
In the first two installments (see below) of our series regarding the potential impact of a recession on the commercial property sector, we discussed the probable reduction in transaction velocity, a flight to quality that would negatively impact functional obsolete properties, an increase in institutional ownership and a cap on the prolific rent growth we have seen over the past few years.
This combination alone would be enough to precipitate a substantial correction in property values.
However, there is more to story which we address in this third installment.
As commercial property professionals, we are constantly working on the answer to this important question.
Old sayings get old because they are either funny, clever, wise or simply resonate with truth. One of our favorites: Be Careful What You Ask For has found a fit as it relates to SBA mortgage rates, at least for the last 5 weeks.