The last time occupancy rate were in the 50s was in 1989, when it stood at 56.5%.
''Some of the drop can be attributed to a slowing economy prior to Sept. 11, but I would say 90% of it is due to the terrorist attacks,'' Montgomery tells GlobeSt.com. He plans to release a more precise and detailed report later this year.
He anticipates that the year-to-date figures for the first nine months will be down roughly 10% or so because of the September fallout.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
