Audio – The hits just keep on coming!
So much has already been said and written about the bursting of the U.S. real estate bubble, one might make the mistake of thinking that a widespread rebound is right around the corner.
Well, Scott Latham, executive vice president at Cushman & Wakefield, said on Monday that there are still some discouraging signs out there.
Latham, speaking at the Reuters Global Real Estate Sumitt, warned that the continued problems in the financial sector — especially in his target area of New York City — suggests that more weakness exists.
And he said that both the buy side and the sell side recognize that these problems still exist.
In Latham’s view, the main macro-economic concern is that, unlike in years past, this credit crunch is more global in nature. In the past, if New York investors were having a tough time raising cash, investors from the U.K. or Japan could be counted on to rush in and make a market for a property. Now though, it’s hard for anyone to get the credit they need to raise the cash for mega-property deals.
Latham was one of the featured speakers at this year’s summit, which is taking place in New York, London, Tokyo and Dubai and will feature guests who focus on both retail and corporate properties.