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Peebles: No Risk of Real Estate Bubble
As commercial real estate prices continue to soar in some parts of the US, concerns persist we may be in the midst of some sort of bubble. However, Don Peebles, chairman and CEO of Peebles Corp, sees little cause for concern. “I don’t think we’re at a risk for any type of bubbles, right now,” Peebles says. He notes that residential and multifamily continue to be strong, but acknowledges that office space and buildings are pretty sluggish despite record-breaking valuations in areas such as Chicago. Peebles sees opportunity due to the constrained supply in some of the gateway markets, but raised concern about the affordability of home prices in cities like New York. [Yahoo]
