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Just when economists are forecasting the worst may be over, the commercial real estate market appears too headed for the same disaster that the residential real estate market was in a few months ago.
Maguire Properties, INC. is planning to default on several commercial buildings due to declining rental amounts and high vacancy. Maguire Properties, INC is one of the largest owners of office building in Southern California; therefore, the announcement from the company does have a big impact on the market. Maguire owes 1.06 billion dollars to credits and do not feel that it can make the money needed to pay back the loan.
This announcement also affected Maguire’s stock and it plummeted from $12 a share to $1 a share today.
Because Maguire is a major company that is forecasting and announcing record losses and possible foreclosure it is apparent that this will affect the stock market in a negative way.
Be on the look out for more commercial real estate companies announcing failures of their companies.
Originally posted 2009-08-21 05:00:18. Republished by Blog Post Promoter
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