FINANCE AND ECONOMICS: "Property in America: Commercial break; Disaster looms in yet another asset class," The Economist, 25 April 2009.

Starting to see this all over Indy, which is doing relatively well: empty storefronts.

Basic dynamic (true story I know of): father loses job, so four kids taking singing and music lessons at local "arts exchange" (where three of my kids go) pull out. Time comes to renew three-year lease and instructors decide to pack it in. Store front soon to be empty.

Simply put, leases are coming up for renewal and businesses are reconsidering. Everybody is trying to re-up at lower prices, driving down overall rents, creating more emptiness.

Few things more depressing for a local economy.