Posted by: BayAreaComRE | May 6, 2010

DLA Piper’s Global Real Estate Summit – The Bulls are Back!

Costar had an excellent post this morning on the DLA Piper Global Real Estate Summit that took place  in Chicago recently, and it seems that optimism is beginning to return:

“The number of respondents describing themselves as bullish on the market quadrupled from 10% in fall 2008 to 40% in the recent survey of 308 senior-level executives. Echoing similar surveys and sentiment reported recently by CoStar Group, 60% also believe the market has already reached bottom or will hit bottom this year.”

We did a post at the end of last week that asked our readers to chime in on the state of the market, here are the results so far:

We’ve hit the bottom, and things are finally picking back up! 27.3%
We’ve hit bottom, and we’ll be here for some time to come 40.9%
We have not seen the bottom yet 22.7%
I don’t know when we will hit the bottom 4.5%
Other: 4.5%

We also had some awesome commentary from our readers, which can be found here.

Both Sam Zell of Equity Office Trust and Michael Fascitelli of Vornado Realty Trust agreed at the summit that “the real estate downturn wasn’t driven or fueled by an over-abundance of new space as in past down cycles. Zell and Fascitelli said the same dearth of new supply, combined with employment growth, will help push CRE markets forward as rents and occupancies strengthen across the board over the next 18 months.”

The full article can be found here.


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