"While this cautious approach will protect creditors from makingirrational decisions, it will also slow down growth -- the onething needed to pull the economy out of the recession," the reportadds.
About 503,000 sf is under construction in the 64.1-million-sfmarket, the report says. The current vacancy rate stands at7.4%.
"Retailers who understand that the rules of the game havechanged will survive," according to Grubb & Ellis. "Lease rateswill dip in 2002 as some industry fallout is expected to increasethe supply of vacant space. In addition, subleasing and liquidatingwill take a more prominent role allowing for ample businessopportunities for both sides of the transaction.
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