Like my title, I think charts are generally useless but when the long term chart like GGP going back to the 1990s looks like a textbook case of parabolic then head and shoulders with a compressed right shoulder decline even skeptics like me are given pause. Maybe there is some value in charting.
Someone I admire and recommend recently said:
We have also lowered the occupancy rates in the recession version expecting lowering demand for shopping space in the wake of falling retail sales and consumer demand
This was Reggie Middleton this week.
Ahhhh. I can sleep now that Reggie has revisited vacancies. Read his blog/website. Caution: There is absolutely no evidence of what I am about to say.
The US has at least twice the retail/commercial square footage needed for the modern economy going forward.I know it will take many quarters, perhaps years to be proven right. I can wait.
I run my business literally from a shed in the backyard. FedEx and UPS don't have a problem. Paypal and Time Warner don't either. My clients could care less about an office front. Think about all the places you do business with. Do they need all the overhead they are carrying? We could stop building general purpose commercial/retail space for a generation and still accommodate a strong, growing economy.