Will 2009 Be the Year Valley View Center Goes Bye-Bye? Hope Not.
Dallas's real estate market in 2008 in a nutshell: OK, then not. Which is more or less the analysis offered by GlobeSt.com today as it sizes up the year that was and sneaks a peek at the year that will be or won't, depending on folks' fortunes. Among the prophets lined up for the piece are folks from CB Richard Ellis and Jones Lang LaSalle, who figure the market most likely to suffer a blow in 2009 is the retail sector, no surprise there.
[CB Richard Ellis] research manager Steve Triolet says a lot of retail space was delivered in 2008. That, combined with retailers likely to declare bankruptcy in early 2009 will mean negative absorption. The retailers that are hanging on through the Christmas holidays now are likely to be gone in February and March of 2009, he adds.
"The malls will be particularly vulnerable," he explains. "Valley View [in Dallas] lost both Macy's and Dillards as anchors. When you lose big anchors like that, it's hard to replace them, especially in these times."
Another sector to keep an eye on: apartments. --Robert Wilonsky
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