Zell Says Commercial Real Estate A-OK, Except in the Suburbs
Sam Zell--Tribune owner, real estate mogul, hog-lover (and by hog, we mean motorcycle)--says commercial real estate, especially in dense urban cities like Manhattan, will weather this financial storm just fine, thanks to renewed investment in mortgage-backed securities and foreign buyers.
``After they get through bashing George Bush, the very next question is, `Where's my visa?''' Mr. Zell told Bloomberg News during an interview in New York City. ``There is not another environment in the world that matches the U.S. in terms of opportunity, creativity, acceptance of change, acceptance of failure."
Mr. Zell was less bullish, however, about those repositories of the hellish known as the suburbs.
``I'm sure there's going to be some casualties, particularly in what I would call ex-urban, the glass-block commodity office building,'' he said. ``I don't think there is going to be any casualties in Manhattan, I don't think there's going to be any casualties in any of the first-class office space around the country. The commercial real estate market is going to do terrific no matter what the economy does, short of a depression.''
Very well said. I also think Commercial Real Estate will weather past these very tough times.
I came across a site today called BuilderBrokerNetwork.com. For $60 a year you can post as many Commercial Listings and Wants and Needs posting as you want. I think the Wants and Needs is where you can post things that you need or what you are what you are looking for. It's a new site but for $60 a year how can you beat it. Plus, they have an email solution.
Other Commercial Real Estate sites cost over $600 a year so it might be worth checking out.
Well, good luck and I hope everyone is wheathing this storm.
Nice Article.
Nice article.
Loved the sie.