voices
question Is the real estate industry poised to ride out a bear market
better than other industries? heard on the street
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“We continue to believe the real estate market is
well-positioned to weather an economic slowdown. It does not appear
that we are heading into a 1980s or early 1990s repeat. The risk
today appears on the demand side rather than the supply side of the
equation. That is not to say that we will be without challenges. In
any economic downturn real estate demand is negatively impacted.
The discipline maintained throughout the current cycle should
ensure that the downturn will not seriously damage the market's
fundamentals.”
— Mike Hannon, president,
PNC Real Estate Finance, Pittsburgh
“For the most part, there hasn't been a tremendous amount
of overbuilding, and there's a pretty good balance of supply and
demand. Although there are exceptions when you look at San
Francisco, Seattle, Texas and some other markets sensitive to the
technology companies. Those markets are going to take a significant
hit in terms of rental rates. Overall, one of the great things
about the real estate industry is that people are very creative and
flexible, and will do what they need to do in order to
survive.”
— Richmond McCoy, CEO,
Urban America, New York
“This time, you don't have a big overhang of supply.
People didn't just put up buildings without tenants. In 1989, there
was 60 million sq. ft. of space put into the market. In this cycle,
you would need a significant decline in employment to put a
tremendous amount of office stock onto the market, due to low
vacancy rates. I think there are a lot of smart players in the real
estate market today.”
— Barry Gosin, CEO,
Newmark & Co., New York
“Real estate is not the catalyst bringing down the
economy. There are other factors. First, there has been no
overbuilding in the marketplace. Second, the financial institutions
have taken a more conservative approach to real estate. Third, with
the information explosion, people know what projects other people
are doing. The real estate market is not dragging anything down. If
anything, it's very strong.”
— Herbert F. Agin, CEO,
Sutton & Edwards/TCN Worldwide,
Long Island, N.Y.
e-mail voices to mvalley@intertec.com
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