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|Unlike ’09, Integra Realty Resources prez Jeffrey Rogers actually had some positive ’10 signs to cite at his firm’s annual Viewpoint presentation last week: the end of GDP declines, no more housing price free falls, REITs have raised substantial equity, and some stabilization of the bond market. But with the good comes the bad: banks are still recapitalizing, CMBS has yet to return, $300B in maturities are looming annually, there’s an uncertain future for the dollar, and government spending efforts have had limited success.|
|IRR managing directors Pat Kerr (DC), Joseph Pasquarella (Philly),Brad Weiman (Denver), and Ray Cirz (NY) gave their sector updates. Apartments are faring better than other asset classes, and ’10 will be a more constant market with interest from foreign investors, says Pat. Office is still in the tank, Joseph notes, with only a few markets in recovery mode; unless we have employment growth, there won’t be a need for space. The majority of retail is still in a recession, Ray adds, but there’s a glimmer of stabilization. Medical offices and self-storage facilities are outperforming the market. This year, cash is king.|