...good in explaining current market conditions.

Over long periods, commercial real estate markets may be described as cycling from "recovery phase" to "expansion" and then to "hypersupply" and "recession." This description follows the format promoted by Colorado State University Professor Glenn R. Mueller in his text, Real Estate Finance (1995), and in his Cycle Monitor-Real Estate Market Cycles, sponsored by Dividend Capital Group (available at no charge on the web at www.dividendcapital.com).

Industrial and warehouse sectors across multiple markets in the U.S. are rated as being in the recovery stage of Mueller's cycle, with vacancy rates declining and new construction not meeting feasibility tests. In this phase, rental rates are growing more slowly than is inflation, perhaps even having negative growth. Memphis and St. Louis are just starting the recovery stage, while Nashville, New Orleans, Oklahoma City, and Dallas-Fort Worth are just a step ahead in...

NOTE: All illustrations and photos have been removed from this article.



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