A lot is going to depend on their level of insurance coverage and the impact of what it will take to re-enter that market.

We believe that apartment rent growth will range from 8 to 10 percent by the close of 2005. Rising home values, flat to modest increases in personal incomes and a lack of new inventory all point toward continued growth in rental rates.

The industrial real estate market completed one of its strongest demand cycles in history as several factors ignited the fire. For projects coming on line in 2005, record-low interest rates during the design phase 12 to 18 months prior provided additional incentive for development and absorption.

Las Vegas has never been hotter, which shows in the gaming numbers through the end of the year. The casinos had record revenues of nearly $1 billion a month in gaming win, which is the best the state has ever seen.

All three factors are contributing to the deceleration in demand for Las Vegas (as a destination).

They haven't disclosed their long-term impact, frankly, because they don't know it yet. It's an unknown timeline for redevelopment right now.