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Andy McCulloch of Green Street Advisors The “bearish signals” seen in Green Street’s price forecasts this spring have given way to a “more attractive” outlook, says McCulloch.

NEWPORT BEACH, CA—With the first quarter’s turmoil in the global financial markets now in the rear-view mirror, Green Street Advisors said Wednesday that its outlook for commercial property prices is now noticeably brighter. “The forecast has changed quite meaningfully over the past six months,” Andy McCulloch, managing director of real estate analytics for Newport Beach, CA-based Green Street, said in a webinar last week providing a mid-year update on commercial real estate fundamentals and valuations.

McCulloch says that Green Street’s Commercial Property Price Forecast was sending “some very bearish signals from October of last year through this spring.”  He adds, though, “The recent rally in the corporate bond market and rebound in REIT share prices has private market real estate looking more attractive. We wouldn’t go as far as calling real estate cheap today, but it does appear more fairly valued on a relative basis.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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