Tyler says, "We're going to be underleased
. More people are moving here than anywhere else." Welty comments, "The market should continue to do well, but people are looking very carefully at the direction of the national economy.
While REITs may outmuscle pension funds for properties, with high net-operating-income returns that can support their dividends, pension funds are cornering the market for underleased
properties and are even beginning to entertain development projects.
OVERBUILT AND UNDERLEASED
. It's a serious urban problem, even a suburban problem, and a major concern for mortgage bankers trying to survive in a radically changing marketplace.