That's the word Angelos Angelou, founder of Angelou EconomicAdvisors, delivered Wednesday to a sold-out audience of about 600real estate professionals. It's the first time Angelou has updatedhis annual beginning-of-the-year forecast to reflect the rapidlychanging economy. He spoke at a luncheon sponsored by the RealEstate Council of Austin.

Angelou and Mark Dotzour, chief economist of the Real EstateCenter at Texas A&M University, concur that Austin's economicrebound should begin in 2002's second quarter.Until then, theCentral Texas economy will work off the excesses of the 1990s. "Weall got a little fat," Angelou said, "including myself. I've lost14 pounds."

It may take longer for the Austin office market to lose theincreasing amounts of space coming on the market in new buildingsand vacated sublease space, according to his forecast. The officemarket, Angelou says, "is going to have some challenges."

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