The Real Deal New York

VIDEO: Sitt calls commercial real estate market a “utopia”

Thor Equities head, Don Peebles see continued market strength

December 15, 2015 03:00PM

A growing number of observers reckon the real estate market is heading for a correction in 2016, but Joe Sitt and Don Peebles are having none of that.

Peebles, head of the Peebles Corporation, believes demand for apartments is stronger than people think. “There’s a lot of pre-construction sales, and those sales have not gone to record yet,” he told Bloomberg. “So while velocity appears down, it is more active of a market,” he said, although he cautioned that the condo market may still slow down somewhat and rentals will “pull back.”

Joe Sitt, of Thor Equities, is similarly optimistic about the U.S. commercial real estate market. “It’s actually, right now, utopia,” Sitt said. “What do I mean by that? You’re still not peaking in terms of where the rents are as compared to where the prior peaks were.”

Listen to his reasoning in the video above. [Bloomberg]Konrad Putzier

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