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1972 – Over 45 years of service to the commercial industrial retail real estate industry – 2018.

STILL NO BUDGET – 86 DAYS LATE – “FRAMEWORK” AGREEMENT REACHED?

September 24, 2010

Word leaked out yesterday from the Governor’s office that the state’s longest budget impasse in history may be drawing to a close. “The governor and the leaders have reached a framework of an agreement. We will continue to work through the details over the weekend and hope to come to a final agreement Monday when they reconvene,” said Schwarzenegger spokesman Aaron McLear.

Although the lack of a budget has drawn less than a public uproar, it has had a significant impact on the commercial real estate industry. Many building owners that lease to state entities have not been paid for two or three months; and many contractors that service the buildings are expected to continue to work, even though invoices are not being attended to.

We hope this “framework” is indeed a path to a quick close on this budget. And we hope that the budget they adopt will honestly account for income and spending.

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