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‘A Glimmer’

I had an opportunity to meet with the president of one of the multi family REITs yesterday and walked away feeling pretty good after learning that the company is making acquisitions and gearing-up for renewed investment activity over the next 12 months. They are beginning to see institutional investors selling apartment assets, typically, selecting some of the best in their portfolio to achieve the most favorable pricing. Their long view is, at today’s pricing, for A-Products, with strong demographics long term, they will do very well. Good news indeed–I haven’t felt as good leaving a meeting in a long time. This was on the heels of a Webinar that was produced last week by Globest.com and SelectLeaders, “Job Opportunities in a Turbulent Market”. The discussion highlighted that, while activity is slow on the hiring front, there are signs that the market is beginning to stabilize and hiring activity should start to recover in 2010. Most investors have made their cuts this time, nicking the bone, and once real estate trades start to happen and the market starts to clear, I expect that we’ll see recruiting activity sooner than many of the skeptics expect.

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