National commercial real estate recovery coming soon, Colliers research director predicts

PricewaterhouseCoopers released a pessimistic report this week on the state of the national commercial real estate market, suggesting that a recovery for the embattled industry may be a long way off. Robert Sammons, research director with Colliers ABR, sat down with Bloomberg to share his more optimistic viewpoint. He argued that the Pricewaterhouse report was too simplistic and that different regions will see commercial real estate recoveries sooner than others. According to Sammons, Manhattan commercial real estate could recover as soon as mid-2010 because of a slowed construction pace in the city and the subsequent drop in inventory.