Unstable Market?

I came across an article published by CoStar Group that caught my attention. As a 25-year veteran in commercial real estate, I believe that the real estate icons quoted below (and their attorneys) have been through unstable markets before – let’s hope and pray our political leaders listen. Below are a few interesting remarks.

Per Mark Zuckerman, Boston Properties Chairman, “…[our national] debt is going to take a long time to unravel, particularly for the American consumer,whose spending drives 70% of the economy,” … asserting that 25million working-age Americans are unemployed or underemployed and not a single full-time job has been created on a net-net basis since the current administration took office in January 2009. The collapse of confidence in this Administration and in the economy is going to affect everything.”

Jay Epstien, a Partner with DLA Piper said that “70% of executives described themselves as bearish in the firm’s State of the Market survey…” He believed that “probably reflects the financial market rollercoaster ride of the last six to eight weeks.” The survey represented a cross section of the commercial property industry in several sectors.

View full CoStar article.