From Bloomberg, here is a
commercial real estate outlook from Vornado Realty Trust's Steven Roth.
He has an optimistic tone here:
“We are in a recovery (but by no means recovered),” he
wrote in the letter. “Consensus is that the recovery will be
shallow and as such, I believe it will be much longer in
duration than the three to five to seven year economic cycles
that we are used to. All this will prove to be a very good
environment for our business.”
He goes on to say:
“I must say, I find investing in this market difficult,”
he wrote. “Nobody expected building prices to bounce back as
strongly or as quickly as they did -- but they did. Assets are
not cheap, either historically or in relation to current
rents.”
The article is short and worth reading.
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