News
SMALL WORLD
November 9, 2011
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| At ULI’s Emerging Trends event last week, we snapped Clarion Partners CEO Steve Furnary and CBRE US brokerage prez Chris Ludeman. Steve says the world has gotten a lot smaller and there’s going to some kind of global disruption (i.e. the Russian debt crisis of ’98 and today's eurozone troubles) every two or three years. He doesn’t anticipate a global recession but rather slow growth. “We’re all going to earn less,” he says, adding that he’s amazed at investors that will accept nothing less than mid-teen to 20% returns. |
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| Goldman Sachs Asset Management managing director Jeff Barclay(with Kohlberg Kravis Roberts head of real estate investing Ralph Rosenberg) says CMBS will come back (it just needs some alone time in the corner to think about what it did). “There have been injuries but no deaths,” he says. He also points out that while multifamily is having its moment in the sun, affordable housing is still having a crisis. |
