Zell pegged Q1 2009 as the probable turning point for the sevenyear wave the industry has been riding. He sited the newadministration that will take power at that time and theuncertainty of certain economic factors as the reasons behind hisforecast. To not feel the negative impact of the downturn, Zellsuggested companies should look abroad. "The US market is great butit is a mature market," he said. "Around the rest of the worldgrowth is unbridled."

"The opportunities across the world are truly extraordinary andthey all emanate from here," he said, calling foreign locations thenext beachhead for the industry. "There is tremendous opportunityto invest in growth around the world."

Compared to the rest of the global markets, the US is a matureindustry when it comes to real estate. Zell said that in 1993 onlyfour other countries had established REIT like structures. Today 30countries have such structures in place. "The creation of themodern REIT era in the US has acted as a model for the rest of theworld," he said.