MALVERN, PA-Liberty Property Trust saw rents decline 9% duringits third quarter, when the average straight-line rent of itsoffice and industrial properties came in at $5.88. The good news?Executives forecast them to fall between 10% and 15%.
"This economic recovery will be very long and slow," predictedBill Hankowsky, chairman and chief executive, during the firm'squarterly conference call. "Improvements won't equal positiverental growth."
One thing that did improve slightly at Liberty was leasing. Thecompany's portfolio was 89% leased compared to 88.7% at the end ofthe second quarter.
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
*May exclude premium content
Already have an account?
Sign In Now
© 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.
