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BOSTON-Times have changed considerably in the year since Boston Properties, the country’s largest office REIT with a market cap of nearly $11 billion, hosted a conference call to discuss its year-end 2006 financial results and its view of office markets around the country. The REIT’s president underscored those changes last week in a presentation that opened a conference call to discuss the company’s 2007 results and its view of conditions heading into 2008.

One of the biggest changes from the beginning of 2007 to the beginning of 2008, REIT president Douglas Linde noted was the dramatic turnaround in the credit markets. “Last year when we had this call, we were talking about the strong demand, rising rents and–most importantly–robust capital flows,” the Boston Properties’ chief said. This year, by contrast, Linde said “overall demand is still healthy, rents still seem to be rising, albeit at a slower pace, but the capital markets are anything but robust.” He cited an example of how unpredictable those markets have become in the past year.

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