More than 500 of the region's top real estate industryexecutives gathered at the Philadelphia conference to hear theless-than-rosy news. RealShare Philadelphia, along with otherRealShare events nationwide, is produced by Real Estate Media,publishers of GlobeSt.com, GlobeSt.RETAIL, Real Estate Forummagazine and other print and online publications devoted tocommercial real estate.

Arguing that we are in a cycle, not a new economy or newparadigm, speaker Dean Adler, CEO and founder of Lubert-Adler,kicked off the conference at the Doubletree Hotel by saying,"There's too much money. Lenders will finance anyone. There's a lotof short-term thinking for long-term investments." He called for a"reality check."

Adler cited the Center City condo market as a prime example."Where's the demand?" he asked, predicting the "huge excess willget very ugly in 18 months. It will burn off to a half-way decentmarket, and quality will sell over time," he added, specificallyciting the Rittenhouse and Washington Square markets. Theexperience, however, "shows why we should stick to thefundamentals" of supply and demand.