When Scrooge is visited by Jacob Marley’s ghost in CharlesDickens’ A Christmas Carol, Scrooge initially doubts thathe is seeing a ghost, blaming the apparition on bad digestion.Scrooge says, “There’s more gravy about you than grave, whateveryou are.” After three hauntings, the old humbug vows tochange his ways less he be “captive, bound and doubled iron” forall eternity, perhaps even longer.

With the holiday parties before us, and the rotten financialnews about the state of Europe keeping investors cautious, perhapsit is time to reflect on change in the commercial real estateindustry.

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