And he also notes that Zells says:
- No new construction for two or three years. Dearth of supply will get filled up and re-occupied.
- Once oversupply comes back, 'extend and pretend' will get replaced more with 'dilution is the solution' where buildings get recapitalized and owners get hope notes
- He's got a bunch of other clips on his Retail Traffic blog - you should click through even though he doesn't have cool picture of a cat representing the Winners and the rest of the world. I call my cat Charlie.