Don’t forget about this wave that is still building. Wilbur Ross, CEO of major real estate player WL Ross & Co., tells Bloomberg Radio that a “huge crash in commercial real estate” lies ahead:
“All of the components of real estate value are going in the wrong direction simultaneously,” said Ross… “Occupancy rates are going down. Rent rates are going down and the capitalization rate — the return that investors are demanding to buy a property — are going up.”
Awesome time for the city of Charlotte to have put millions in public dollars into the Wachovia Wells Duke art tower and the NASCAR office tower, huh?
