Some have pointed to the Architecture Billing Index as a negative sign for the commercial real estate market as a whole but I disagree. While it's not a strong sign for the construction market the index's low level is a good sign for limited supply going forward.
The commercial market didn't experience over-building to the extent that it did in previous real estate recessions, but rather is suffering from a demand driven recession. Continued restraint on the supply side will be required while demand recovers and this index confirms what we would hope for. The time for development will come, but that time is well in the future.