f1guyus :

Is that Jones Lang LaSalle III or Jones Lang LaSalle IV?

Edward Niedermeyer :

Neither.

Hehe, I got it. It sure DOES seem like this selloff has been a multi-generational thing, doesn’t it?

Funny, when I first read the headline of the article, my mind played a trick on me. I thought I read “GM Appoints Self Off Team”. Naturally, I thought, “Wow, that just might work!”

Is that Jones Lang LaSalle III or Jones Lang LaSalle IV?

Edward Niedermeyer :

Neither.

Hehe, I got it. It sure DOES seem like this selloff has been a multi-generational thing, doesn’t it?

HTH!

C.R.C.

[*]: Not that it’s all that super-difficult: Just type ampersand-”auml”-semicolon. “Auml” for the capital A-umlaut, “ouml” for o-umlaut, and take a wiiiild guess at the capital O-umlaut.

P.S: Mr Farago: *Please* take it easy with that trigger-happy delete finger, OK? It *is* frigging English, and come on — “frigging” isn’t really all that horrendous, now is it? Particularly as it is applied to the word “Gothenburg” and/or the English language, not mr Niedermayer. Thank you for your (re-)consideration.

If we are referncing NYC, SF, and LA, you have a point. If you are looking pretty much anywhere else in the USA, in relative terms, commercial is swirling the bowl just like residential.

Big commercial projects are being cancelled, or put on indefinate hiatus all over the country. Over the course of the next year (or three depending on your source) you’ll be seeing commercial vacancies on extant properties continue to increase. Prices will continue to fall even in highly desirable neighborhoods.

Yes, the Empire State Building was constructed during the last Great Depression. There will be things built during the coming years as well.

But, between the fact that most developers are keenly aware that everything will be cheaper tomorrow (and the next day, and the next) for the forseeable future, and the fact that banks aren’t loaning a damn red cent that they don’t feel really safe about, good luck dumping any commercial property right now.

For those of use old enough to remember the 70s and 80s, we’ve seen this movie before.

And oh yeah. Property in DETROIT? Or anywhere else in Michigan? Valuable? Pass those ’shrooms, please.

FWIW- I’ve lived in Grands Rapids and Coldwater. I like Michigan. In the summer anyway.

Idiots.

This is a smart move for GM; the only question is why they didn’t do this years ago. Overconfidence, I suppose.

Shouldn’t they be selling their unprofitable bits and beefing up their profitable enterprises?!?

Love to know who did that $47B valuation. Perhaps it was the community college freshman that used to do drive-bys “appraisals” for one of the local realtors.

Value: Whatever they needed/wanted to hear.
He got paid well. In cash.

Between the fact that corporations grossly routinely overvalue everything from real estate to ‘goodwill’…

A dime on every one of those 47B dollars if they are *really* lucky. Couple that with the fact that most of that property is either not useful, not in a desirable neighborhood (Hey kids, let’s go to DETROIT!), and the pesky little detail that there’s a boatload of desirable commercial real estate sitting around already, and oh yeah, ain’t a whole lotta folks loaning money right ’bout now…