[C.]

How is office vacancies looking in your city? I noticed commercial estate/office buildings are coming down in valuations. Not selling at a loss per say, but I saw an example recently of a commercial property held for 17 years that was sold without much in the way of appreciation at less than 1 percent annually, well below the rate of inflation.

This will probably hit municipal budgets as the tax burden shifts from commercial with residential and retail picking up more of the share.