REITS delivering high returns, Green Street Advisors’ CEO says

TRD New York /
Aug.August 05, 2011 04:15 PM

Real estate investment trusts have been delivering high returns in the
last few years, but they are recovering from a previous 75 percent
drop two and a half years ago, Mike Kirby, the founder and chairman of
Green Street Advisors, told the New York Times. “REITS delivered total
returns of 27 percent two years ago and 20 percent last year,” he
said, “and this year they’re up something like 10 percent year to
date.” The property sector for apartments is “on fire” right now, both
in New York and nationwide. Demand for apartments grew during the
recession because of the decline in homeownership, and the demand
continues because there is very little construction in the last few
years. New York in particular has been doing well, he said, since
there are fewer layoffs than expected and demand as well as rents are
increasing. In early- to mid-2009, Manhattan office values were down
over 50 percent, he said, and since then they’ve rallied up to 78
percent, bringing rates to 15 to 20 percent lower than the 2007 peak.
[NYT]


Related Articles

arrow_forward_ios
Manhattan office buildings are overpriced by 20%. That’s great news for LA

Manhattan office buildings are overpriced by 20%. That’s great news for LA

Manhattan office buildings are overpriced by 20%. That’s great news for LA
Office landlords may struggle to push rents in coming years

Office landlords may struggle to push rents in coming years

Office landlords may struggle to push rents in coming years
“2016 is shaping up to be the year when cap rates stopped declining”: Green Street

“2016 is shaping up to be the year when cap rates stopped declining”: Green Street

“2016 is shaping up to be the year when cap rates stopped declining”: Green Street
US property value appreciation grinding “to a halt”: report

US property value appreciation grinding “to a halt”: report

US property value appreciation grinding “to a halt”: report
US commercial property values slipped slightly in March: report

US commercial property values slipped slightly in March: report

US commercial property values slipped slightly in March: report
US commercial real estate sales sink in February

US commercial real estate sales sink in February

US commercial real estate sales sink in February
Despite slowing growth, US property values continue to rise: report

Despite slowing growth, US property values continue to rise: report

Despite slowing growth, US property values continue to rise: report
Green Street Advisors

CRE cycle heading for an end in 2016: report

CRE cycle heading for an end in 2016: report
arrow_forward_ios

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

Loading...