CEOs of commercial REITS optimistic for a 2010 recovery

New York /
Jan.January 14, 2010 02:01 PM
Several different CEOs of commercial real estate investment trusts said they are optimistic about a recovery in the second half of 2010, during this morning’s second annual Oppenheimer REITS/Real Estate Outlook Forum. The five CEOs — Jay Flaherty, CEO of HCP; Steve Sterrett, CFO of Simon Property Group; Bill Sullivan, CEO of ProLogis; Mark Parrell, CEO of Equity Residential and Charles Ratner, CEO of Forest City Enterprises — discussed the future of the market. “People are more comfortable with their business models and while the first half of 2010 will look a lot like 2009, the second half will be better,” Sterrett said. However, the industrial REIT sector has already bottomed out, Sullivan said. “In the industrial sector, occupancies are above 90 percent and there is smaller delta between top and bottom. It is favorable that there is no new supply,” he said. On the other hand, Ratner is confident that there will be larger demand for new real estate supply. “Last year there was an abrupt halt and we did not start a single project. But as the country continues to grow, there will be a need for new real estate.” TRD

Related Articles

arrow_forward_ios
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
Westchester firm buys $54M Brooklyn medical building
Westchester firm buys $54M Brooklyn medical building
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Distressed real estate investors are digging through commercial mortgage-backed securities to seize, fix and flip troubled properties. (iStock)
Distressed investors tap throwback strategy, target CMBS
Distressed investors tap throwback strategy, target CMBS
President Joe Biden (Getty, iStock)
What Joe Biden’s infrastructure plan holds for real estate
What Joe Biden’s infrastructure plan holds for real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...