Vornado Chairman has Bullish Outlook on US Commercial Property Market
Bloomberg reports: In a recent article on Bloomberg News, Steven Roth, chairman of Vornado Realty Trust, stating that, “The recovery has been more rapid than everybody expected…” and that values are “substantially” off the bottom after more than a year of decline. The article indicated Roth’s statement accords with data from Real Capital Analytics: “U.S. property deals probably will double next year and may account for almost one quarter of global transactions.”
The article pointed out that the recovery Mr Roth was referring to began in earnest in what he referred to as “world cities,” including New York, Washington, DC, and San Francisco. Now it may begin to spill over into other primary and secondary markets as smaller investors get pushed out of the competition by large institutional players. For now, however, investors both foreign and domestic feel most comfortable with buying in these perennial markets. In these cities are already beginning to see declines in vacancy rates and small increases in office rents, according to the article.
View the full article on Bloomberg: Vornado Chairman has Bullish Outlook on US Commercial Property Market
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Posted by: Nina Turner