| We lived large, then experienced three years of dislocation and loss. Now we're entering the ?Era of Less? in 2011, predicted Miller Ryan?s Jonathan Miller, ULI senior resident fellow Steve Blank, and PricewaterhouseCoopers? Mitch Roschelle yesterday, as the trio released ULI?s annual ?Emerging Trends? report. The transition will be difficult, Jonathan says, but there's somewhat of a bright spot—there are tempered but improved prospects for all markets and sectors. Part of the thaw includes a revival of the CMBS market. Expect the gap to close between the buy, hold, and sell. However, many of the 875 respondents expressed concern about problems outside of real estate, including the US economy, inflation and deflation, regulation, and taxes. |
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