NYU professor tells Palm Beach forum: commercial crash predictions are wrong

The recession is over, and the dire predictions about a potential
commercial real estate crash are wrong, Professor Hugh Kelly told
members of the Economic Forum of Palm Beach County yesterday. Kelly, an associate professor of real estate at New York University, said that while demand for commercial
space has stayed weak and absorption is negative, there has been growth
in consumption. He also said the recovery in Palm Beach County would be
slower than other areas because of South Florida’s overextension.
Kelly’s remarks come in stark contrast to a pessimistic report by the
Congressional Oversight Panel, which said that a wave of commercial
defaults “would trigger economic damage that could touch the lives of
every American.” [Palm Beach Post]