The Emerging Trends in Real Estate released today by the Urban Land Institute and PricewaterhouseCoopers LLP indicates the bleakest picture for commercial real estate since the early 1990s. You can download the report here.
We'll have a more detailed look at this survey--specifically what it says about account.real estate--in our newsletter tomorrow. For now, you can Reuters'
U.S. commercial real estate in 2009 will face its worst year since the industry's depression of the early 1990s, according to a leading survey of industry investors, developers, lenders and consultants.
Commercial real estate values likely will drop significantly, foreclosures and delinquencies will increase sharply andcash flows will fall, according to the 2009 edition of Emerging Trends in Real Estate, released on Tuesday by the Urban Land Institute and PricewaterhouseCoopers LLP.
"Many property owners are drowning in debt, lenders are not lending, and for many (industry professionals), property income flows are declining," said Stephen Blank, ULI senior resident fellow for real estate. "There is an unprecedented avoidance of risk. Only when financing gets restructured will pricing reconcile, giving the industry a point from which to start digging out of this hole."