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Real estate recovery elusive: developers heeded lessons from early ''90s slump, but can''t conquer tepid demand.

Publication: Indianapolis Business Journal
Publication Date: 30-DEC-02
Format: Online - approximately 1031 words
Delivery: Immediate Online Access

Article Excerpt
This time is different.

That's how commercial real estate experts assess the current slump afflicting their industry compared with the one that gripped markets in the early 1990s.

And when they say different, they mean better.

What's missing is the sense of recklessness that defined commercial real estate throughout the 1980s and into the early '90s. An industry the Wall Street Journal once called "the drunk driver of the economic highways" has learned to put on the brakes when warning signs appear, instead of charging ahead like an accident waiting to happen.

Today's commercial real estate market is certainly no picnic for developers, brokers and others who make their living off bricks and mortar. Office vacancy rates are flirting with the 20-percent mark--nearly double what they were just a few years ago--rental rates are sliding and construction activity is all but at a standstill.

"The fundamentals are not being tampered with now," said...

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