Summit Notebook

Exclusive outtakes from industry leaders

AUDIO – Real estate’s ugly confluence


All week, we have been meeting real estate executives at Reuters Global Real Estate Summit who have discussed the many different areas of concern that have spread throughout the sector.

Some have spoken about deleveraging. Some have told us about the shrinking of values. Others have said it’s a confidence game — as in, there isn’t any.

But J. Allen Smith, chief executive of Prudential Real Estate Investors, brought it all together for us quite nicely.

In Smith’s view, the real estate universe is subject to a confluence of all the above-mentioned problems and a few others as well. He sees it as a unique time and does not see a rebound for some time.