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Politics : Politics for Pros- moderated
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From: LindyBill12/22/2009 2:35:19 PM
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Political Science Makes for Bad Economics
ENTERPRISE BLOG
By Nick Schulz on Economic Policy

Good post here from Paul Kedrosky on the U.S. government getting into the commercial real estate market by guaranteeing loans for new science parks. One problem with the idea is that there is a glut of vacant commercial real estate on the market already. Paul sums up the matter here:

>>> Are you people completely mad? What are you thinking by adding subsidized office space to a market already under severe stress? Total vacant sublease space in the U.S. is already 82m square feet, and total vacant space is around 800m square feet (according to Colliers). The idea that the government would tromp in adding more space at this point is … well, nuts. (And don't even get me started about the white elephant nature of science parks, let alone their chronically high vacancy rates.)<<<

Des Lachman dubbed commercial real estate one of the next shoes to drop in our ongoing economic churn, so this will not likely help matters much.
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