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Global recession, lack of jobs, overregulation from the current administration, mortgages written during peak real estate years and new competition all add up to hard times for the commercial real estate market. Reporter Frank McCaffrey spoke with a commercial realtor and has this report.
An ignorant commercial shopping plaza built in the middle of Georgia’s farm belt.
Since the subprime mortgage fiasco and collapse last year, many states in the USA have seen home prices fall drastically. Hawaii has not been hit that hard. But there is fear of an upcoming commercial real estate “bubble” to burst in many places in the US and here in Hawaii. This could be a wrong prediction, but here is some evidence. What I find interesting is what was aa big retail furniture store has now become a Christian mega-church. Change does happen upon commercial real estate, some become “ghost-towns”, and some go through dramatic change like this one. Lots of commercial real estate in downtown Oahu made the transition into condominiums/office space or into purely condominiums from what was office space before. Need to generate rental income forced change in downtown and shopping malls like this one.