OK. Things at the International Council of Shopping CentersRECon conference in Las Vegas are getting a little confusion. Oneperson tells us that retailers are getting rent reductions andsomeone else says that they're not budging on giving concessions.Someone says the recession is going to be over by the end of theyear, and someone else will say that the commercial real estateindustry will feel pain through 2012.Our head is spinning, and it'snot just the heat.So we'll try to summarize what weheard today as best we can.William Taubman, COO of Taubman Centers,contends that we're in a "V-shaped recession." They are offeringrent relief to certain tenants, which he calls an "out of courtsettlement." "Where the tenant is in difficult financial condition,we and others are giving rent relief." We will have more from himon GlobeSt.com next week.Mark Schurgin, a principal at the LosAngeles-based Festival Cos. says he thinks we'll start seeingtransactions soon, as companies get off the sidelines and startbuying up the distressed assets out there. "The patient's comingout of the ether," is how he characterized it.Richard Dube,president of Tri-Land Properties, clued us in on some interestingproperties in Kansas City, where we grew up, and said to watch fora Paul Mitchell salon concept expanding.Finally, Matthew Bordwin, amanaging director of KPMG Corporate Finance, says that landlordsneed to give tenants rent breaks in this environment. "The naturalprogression is that they will lose tenants," he says, if they don'tnegotiate. He contends that future Circuit City situations can beavoided if we go this route.That's it for today. Look for our finalblog from RECon tomorrow.

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