Devastated commercial market to spark more lawsuits and bankruptcies!
PHOENIX, Arizona - January 1, 2010 - Two things are certain for 2010: The tanking commercial real estate market will sink even further and it will spark more legal disputes, lawsuits and bankruptcies over soured deals. That is according to leading real estate attorneys tracking the Phoenix market.
“All the sources we monitor are in agreement that we haven’t seen the worst of the commercial market in the Phoenix metro area yet,” said Steven Hirsch, a partner with the Bryan Cave LLP law firm’s Phoenix office. “Those of us who have been around Phoenix for decades have seen cycles come and go, but nothing with the depth and longevity of this down trough. The pessimism seems to invade all product types and locations.”
Hirsch expects a wave of “restructuring-related cases, including bankruptcies, lien priority disputes, receiverships and guarantee/deficiency actions.”
“All the sources we monitor are in agreement that we haven’t seen the worst of the commercial market in the Phoenix metro area yet,” said Steven Hirsch, a partner with the Bryan Cave LLP law firm’s Phoenix office. “Those of us who have been around Phoenix for decades have seen cycles come and go, but nothing with the depth and longevity of this down trough. The pessimism seems to invade all product types and locations.”
Hirsch expects a wave of “restructuring-related cases, including bankruptcies, lien priority disputes, receiverships and guarantee/deficiency actions.”
