60 Seconds with: Brian Glass of Grubb & Ellis
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60 Seconds With . . . Brian Glass
60 Seconds With . . .BRIAN GLASS Metro Business asked Brian Glass, senior vice president at Grubb & Ellis/Harrison & Bates Inc., about the status of the retail commercial real estate market:
"With regards to leasing, we have seen rates drop in the past year approximately 11 percent. We've seen vacancy rates go up from 5.9 percent to 7 percent. And we've seen a lot of tenant lease renegotiations.
"With regard to sales, we've seen lenders require 35 to 40 percent cash in the deal . . .
"Finally, with regard to mortgages, we find that there is going to be refinancing coming due in 2010 and 2011. The problem here is the value of the shopping centers has gone down, as shown by the 67 percent devaluation of Regency Square by the Taubman Co. " Watch the interview with Brian Glass on TimesDispatch.com. Keyword: Metro Business
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