Best Ode to Empty Space - 2004
Robert Bach, Grubb & Ellis
At the start of '03, landlords knew
it would be rough.
Tenants large and small,
there just weren't enough.
Yet the construction pipeline kept
delivering new space,
While leasing and absorption
could not keep pace . . .
Office landlords suffered and moaned,
but there was a silver lining.
Low interest rates and roller-coaster stocks
kept buyers pining
For Class A buildings with solid
And little rollover risk, that would be
But what of '04, what does our crystal ball
The market will improve, but not enough
to make tenants jealous
Of landlords (who) won't have much
Until 2005, when the market will be
So tenants make your best deals soon,
Lock in long-term low rates and whistle
a happy tune.
In 2004, landlords, you will begin to
climb out of your hole,
And you'll all feel better in 2005
When the Broncos win the Super Bowl.