Forecast Sees Bright and Dark Spots in Recovery

[IMGCAP(1)]LOS ANGELES-Los Angeles and California will join the US and the world in the economic and real estate recoveries that are now getting under way, but the question is how and how fast the recovery will unfold. Those are some of the lessons gleaned from a recent Jones Lang LaSalle 2010 forecast in Downtown Los Angeles, where speakers from JLL offered their outlooks for the region, the state and the world for 2010. The forecast, which also featured a discussion on key fundamentals driving the economy and the real estate markets in the US, was moderated by Whitley Collins, JLL regional managing director for Los Angeles brokerage.

[IMGCAP(2)]Kickoff speaker Roger Staubach, executive chairman of Jones Lang LaSalle Americas, pointed out that this year’s outlook is decidedly more upbeat than it was at this time last year. “There’s definitely a more positive atmosphere,” although worries remain about the strength of what is taking place in the economy, Staubach said.

Among the points in the forecast that specifically addressed Los Angeles and California was the observation by Colin Dyer, Jones Lang LaSalle’s CEO, that Los Angeles is one of the markets where investor confidence is beginning to warm up, along with Washington, DC. Dyer, who offered a perspective on real estate markets around the world, said that while the crash of global real estate markets in 2008 is now turning into a recovery, the recovery will vary not only by geography but also by property segment.