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Who's Minding The Store? Outlook For Commercial Real Estate Is Bleak





After hitting record high prices in 2007, commercial real estate is coming down with foreclosures to the tune of $50 billion nationwide. Thanks in part to increased vacancies, record unemployment and the credit crunch, the number of office, retail, apartment and industrial property mortgages heading into default is expected to triple in 2009. Cleveland and Detroit lead the nation in delinquencies at nearly 4 percent, but our own Riverside County comes in fifth at 2.6 percent. Is there a light at the end of the tunnel? Larry talks with Robert Bach of Grubb & Ellis Co., and Richard Green, Ph.D of USC.