SAN FRANCISCO-We aren't in the clear yet, but we are getting closer. Even with the problems in the Middle East and Japan, the commercial real estate industry continues to survive.
That was the message told to attendees at the REIT WISE conference here today.
"We believe we're firmly into a recovery," said Alan Billingsley, head of research Americas for RREEF. "People realize, long term, real estate is a great asset class to be in."
For its part, RREEF is looking to buy office assets in Boston, New York City, Seattle, here, and Austin, TX. Washington, DC was not on the list, so we can only assume that market is overheated.
There are still things to fret over. The consumer is not spending, the housing market is in the dumps, and layoffs keep happening. And there is the issue of loans coming online this year. "We seem to be gradually working through these debt issues, but we still have a long way to go," Billingsley said.
For what it's worth, the market is turning around. Just be careful.
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