March 2003 Table of Contents

Uncharted Waters

While every market has experienced the effects of economic downturn – the national vacancy rate has almost doubled from its low point in 2000 – those with a heavy reliance on technology, telecom, and travel have been hit the hardest. These industries have had the most severe job losses, which results in higher vacancies, rent concessions as managers compete for the remaining pool of renters, and general market softness. The hardest hit markets include Austin, Texas; Seattle; San Jose, Calif.; Portland, Ore.; Denver; Charlotte, N.C.; Orlando, Fla.; and Tampa, Fla. Meanwhile, conditions in more diversified economies, such as Atlanta, Dallas, and Phoenix have suffered from weak demand and oversupply. Read more

UDR Aims for the Top UDR Aims for the Top

Admitting that something is wrong and you need to make improvements is a hard thing for any executive to do. Yet Thomas W. Toomey, president and CEO of United Dominion Realty Trust (UDR), one of the largest multifamily real estate investment trusts (REIT) in the country, comes by it naturally. He has a vision for a leaner and more focused company and a plan in place to get there. Read more

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