Tulsa World: Commercial real estate sags

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Commercial real estate sags
The economic slowdown isn't limited to the housing market.

By ROBERT EVATT World Staff Writer
Published: 11/8/2008 2:14 AM
Last Modified: 11/8/2008 2:53 AM

The economic slowdown isn't limited to the housing market.

Though much has been made of the national housing slowdown, commercial real estate is taking a hefty hit as well, said Gregory Vorwaller, chief operating officer of CB Richard Ellis, the world's largest commercial real estate services company.

"Things are down across the board," Vorwaller said Friday in a telephone interview. "We've observed there's been a decline in new business formation, and our large existing clients are reassessing their leasing requirements."

Vorwaller will be one of the featured speakers next week at this year's Tulsa Trends conference, an annual examination and summary of the local commercial real estate market sponsored by the Tulsa chapter of the National Association of Industrial and Office Properties.

Vorwaller said sales and commercial mortgage financing have plummeted amid the national economic downturn.

"We've seen a huge fall-off in new construction, which is related to the absence of commercial financing at acceptable terms," he said.

Furthermore, leasing has slowed as many companies have put off plans to expand.

Tulsa Trends

When: 7:30 a.m. to 1 p.m. Thursday

Where: Marriott Southern Hills, 1902 E. 71st St.

Registration: $98 in advance for NAIOP members, $123 in advance for nonmembers, $133 at the door

Info: tulsaworld.com/naiop

Robert Evatt 581-8447
robert.evatt@tulsaworld.com By ROBERT EVATT World Staff Writer

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