Sam Zell is thinking long term and reading the signs...CRE will recover and price will rise.
Real estate mogul Sam Zell said he expects little U.S. commercial real estate construction over the next one to three years except for apartment buildings, a hiatus that would restrict supply and boost the value of existing properties. "We're now approaching 3 1/2 years of no development, and I see little prospect for new supply over the next 12 to 36 months except multifamily." With little new supply, the value of existing (properties) should increase and vacancies should fall, Zell said. "I think real estate is going to do well over the next 24 months."
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