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At 3.3%, long-term interest rates are near historic lows, despite a sizable jump in the past week.  The economy should perform moderately better next year as two million private sector jobs are expected to be created compared to 1.2 million jobs in 2010 and 2.5 million jobs in 2012. The apartment market is in recovery, the retail property market is near bottom, and the industrial and office sectors appear poised to reach bottom by the end of Q1 2011. Spreads between interest rates, corporate bonds and real estate cap rates are near the highs of the past 20 years, resembling previous periods of market bottoms (1992, 1998 and 2002). This environment presents an investor with a window of opportunity that comes along only once a decade or so.

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