It isn't shocking that residential or apartment REITs such as Colonial Properties or UDR have completely stopped developments for 2009. Of note here is that ProLogis, an industrial REIT is doing the same:
We are postponing our developments [in 2009].
We do not have any planned acquisitions for 2009… we do not have any new construction starts planned for 2009.
We halted virtually all new developments starts moving forward. We also stopped all early stage development, which resulted in a reduction in future funding obligations of $444 million.
There are also fewer new deals in the market and based on volume, our 160,000 square feet of initial transactions is about 60% below our eight quarter average.