Regret the Error

An article on the Square Feet pages on Wednesday about distress in the commercial real estate sector incorrectly paraphrased a comment by Richard Parkus, a research analyst for Deutsche Bank, about recent market trends. He said that office vacancies are increasing and rents are decreasing, not the other way around. The article also misstated the dollar total of commercial mortgages that are due to expire by the end of next year and the total that had been due to expire this year but were extended. The amounts are $393 billion (not million) and $39 billion (not million), respectively. And the article referred incorrectly to Murray Hill Properties’ mortgage payments on the building it owns at One Park Avenue. The mortgage is current; the company has not missed a payment. Link