Business Glossary
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a situation in a given area where there has been more real estate construction than the market can economically support.
a situation in a given area where there has been more real estate construction than the market can absorb within a reasonable time.
Example: In many cities in the 1980s, office space was overbuilt: there was more space than potential tenants wanted to rent; as a result, much space either went unrented or rented at unusually low rates.
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