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 Unless you operate in New York or Washington DC, you know most commercial real estate markets still are barely out of intensive care. National vacancy rates for retail and industrial properties remain stratospherically high compared to past downturns, and everybody you talk to is most worried about future demand for office—most companies will look to shed space when their leases roll, not necessarily expand as you would typically expect in a recovery. Then you digest last week’s really ugly jobs numbers and must realize there will be no easy exit from these rough times.

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