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Real Estate Values Expected to Decline in 2009
Commercial real estate values are expected to decline during 2009, according to a national survey of real estate chief financial officers and senior comptrollers by Grant Thornton LLP.
In the survey of 28 real estate CFOs and senior comptrollers from public and private companies, 93 percent expect values to decline and 23 percent report that their company's property tax assessments have increased during the past three years.
Among the CFOs, 82 percent believe U.S. economy will remain in a recession through the end of 2009, 75 percent expect the U.S. economy will remain the same or get worse in the next six months, and 39 percent expect their company's headcount to decrease.
Regarding pricing pressures, the cost of employee benefits (e.g., health care, pensions) and energy top the list, at 71 percent and 46 percent respectively. Cost cutting measures adopted by 74 percent of respondents include not giving raises this year and refining processes and streamlining.