Interesting Video on Commercial Real Estate Market

Posted by admin on October 5, 2009 under Uncategorized | Be the First to Comment

With credit still tight for investors in commercial real estate, CNBC sat down with real estate moguls Bill Rudin and Steven Roth to discuss the sector and the pace of recovery.

“What’s happened is after a vicious, very sharp down draft, we are now in a process of seeking a bottom. And that bottoming process can probably go on for two years, maybe even longer.”

—Steven Roth, chairm

an of Vornado Realty Trust

“In terms of commercial real estate in New York, we’re seeing activity. That’s the positive sign; that there’re people now as opposed to six months ago when there was no commercial leasing. In the third quarter of ‘09, there were 12 major leases signed over a hundred thousand feet in New York City.”