In Dallas, Too Much Office Space

Malls are lacking tenants; so too are offices. And, says this morning’s New York Times, it’s going to get worse — even in a market like Dallas, “which had been shielded from the economic downturn until recently by skyrocketing oil prices and expanding energy businesses.” One real-estater quoted in the piece guesstimates Dallas will see a 19-percent vacancy rate in ’09, up from last year’s rate by quite a few. Warns Dan Fasulo, managing director of New York City-based Real Capital Analytics, ”I see a wave of troubled assets coming out of Texas in the near future.” –Robert Wilonsky