Experts say downturn could last until 2015

At a Real Estate Board of New York panel discussion yesterday, predictions
on how long the downturn will last ranged from 2010 to 2015. A five-to-seven
year forecast came from August Field, a Cushman & Wakefield executive
vice president, who based his prediction on the 1987 stock market crash, saying
the market didn’t fully recover until 1995. Glen Weiss, a senior vice
president at Vornado Realty Trust, predicted that “we’ll start getting
back to life sometime in 2010,” while a Studley Executive Vice President, David Goldstein, and
a Durst Organization Senior Vice President, Thomas Bow, both foresaw a downturn lasting two to three
years.