The Real Deal Miami

Bottom not here for commercial market

February 02, 2009 01:39PM

The ninth annual Real Estate Outlook Conference didn’t offer much optimism last week, as experts at the Fort Meyers event said commercial projects will fail and activity will remain diminished during the recession. Shelton Weeks, director of the Lucas Institute for Real Estate Development and Finance at Florida Gulf Coast University, said foreclosures will rise. Other observers said hotels may be the first commercial properties to fold as tourism activity declines.