NEW YORK CITY- Ernst & Young and recently polled clients and subscribers to take their pulse on a number of significant real estate issues now in play. Of the more than 2,300 global real estate executives that responded, the results show that there will be more pain ahead, and that industry professionals across the board are going to feel it. The majority of respondents–70%–believe that although credit markets will begin to emerge during 2009, the implication is that the process of restoration will take months longer.

Almost 40% of the survey’s respondents are owners, operators or developers of real estate; 12% are capital providers such as banks, credit companies, pension, private equity and sovereign wealth funds; 2% are real estate occupiers such as retailers, corporations or government agencies and 47% are service providers such as real estate brokers, management companies and consultants.

John Salustri, editorial director of the Incisive Media real estate group, says that “market participants are defining new opportunities. The survey shows that values are going to decline–by as much as 10% more, according to the most popular response. And our respondents are defining themselves as net buyers to take advantage of fire-sale prices of commercial real estate. It is activity based in the current turmoil, but it is activity, and it will get capital moving.”

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