A sustained period of inflation followed by a deep recession, in which demand for space has slumped, has really brought home to property owners the fact that buildings do gradually wear out and depreciate in value. The time has passed when tenant demand for space so exceeded supply that rental and capital values for second‐hand buildings equated to those of brand new ones. As in other fields inflation covered up the errors of omission or commission particularly when accompanied by a buoyant economy. The crevasse type of market collapse in 1974/75 seemed but a hiccup to property people travelling along a one way street without end.
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