Word: glut
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Dates: during 1990-1999
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...that selling the properties is easy. The glut of industries on the block, coupled with a global credit crunch that limits the resources of prospective buyers, guarantees depressed prices for even some choice enterprises. "There are just too many projects chasing too little money," says Paul Sacks, president of Multinational Strategies, a New York consulting firm. When finally sold off, many companies are destined to fail in the highly competitive marketplace...
...price of a troy ounce of silver is down more than $1 since late last August. With an international glut and depressed prices rubbing up against high production costs, Mexico, the world's largest silver producer, has had to close down more than 50 mines this year. Hardest hit are the states of Zacatecas and Guanajuato, where silver mining is "on the verge of collapse," according to Jose Valdes, president of the Guanajuato Miners' Association. Officials expect this year's national output to be 63 million troy ounces, down 11% from...
With all the talk about a glut of new homes and the depression in the construction industry, it's hard to believe that some experts predict a new- home shortage starting this year. But they do. The collapse of the savings and loan industry has slashed available capital at the same time that commercial banks have tightened up on lending...
...office glut is in some ways just another broken leg of the savings and loan crisis. Many thrifts went bust by tossing money into high-rises that never should have been built in the first place. As a result, few analysts expect a rebound soon. In the suburbs of Chicago, a virtual shutdown of new construction since 1989 has failed to budge the vacancy rate, now between 15% and 20%. "When will lenders lend again?" wonders Hugh Kelly, an economist and real estate consultant. "For some major markets, vacancy rates will have to fall well below 10% before the money...
...course, one man's glut is another man's glee. Office renters everywhere are demanding and getting deep discounts, huge renovation allowances and better services. In Manhattan, where the rate of empties is 14%, some renters receive a full year rent-free plus a one-time allowance of $60 to $100 per sq. ft. for improvements. In Boston (16%), one of the city's largest law firms, Hale and Dorr, has been threatening for months to move to new quarters. Last week the nervous landlord persuaded the company to stay put at $20 per sq. ft. -- 40% less than...