For the real estate market, we think this environment will continue the trends we’ve been seeing in the office and industrial markets this year. On the office front, weak job growth translates to weak demand. Rent should remain flat. There may be built to suit opportunities for larger firms that there will be minimal spec developments.
The office markets continue to firm up, we think, over the course of 2012. Industrial markets are more active. Retailers, consumers products, food products and logistics firms are looking for mid to large sized bases. Certain industrial markets have tightened and there is the beginning of select upward rent pressure.
In addition, the industrial build-to-suit opportunities, inventory industrial product will be developed in select markets. The investment sales markets which have been a little choppy of late, would see us fairly active in 2012. George and Mike will discuss large urban and flex sales we anticipate closing in the first quarter of 2012. We’re very excited by this future sale and our activity in 2012, which has allowed us to execute our strategy of downsizing our suburban office portfolio and increasing our industrial portfolio.
For Liberty, 2012 will be a year where we’ll continue to outperform our markets on the leasing front, where we will continue to build up our development pipeline and where we will continue our portfolio repositioning by the sale of suburban office and flex and the acquisition of industrial assets.2012 would be an inflection point in the company’s earnings trajectory. And with that, let me turn it over to George.George AlburgerThank you, Bill. The first I’d like to do is cover activity due date for the fourth quarter of 2011 and then I would like to build guidance for 2012 using 2011 projected results as a starting point.
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