 Listen Now!
(5:22 Minutes)
Additional Features | |
Published on Saturday, October 04, 2008
By LA Daily News Staff Writer
This economic slowdown is sure to be declared a recession at some point, and Rickey Gelb is pretty sure he knows when it started.
"The fourth quarter of '07 and it increased really fast," said the owner of Gelb Enterprises, a property-management company based in Encino.
Gelb formed his company 40 years ago and he's seen his share of recessions, including the one that hit in 2001. This downturn felt different right away.
"The other ones were a slow bleed," he said. "This was almost like cutting your arm off. We had a lot of mortgage brokers go out of business within 60 days, and that was half our business."
Gelb manages 40 buildings in the San Fernando Valley and said the vacancy rate is the highest since that last recession. Most of the inquiries he receives about leasing are from companies looking for smaller offices
Read Full Article...
|
RSS
