| We snapped former HUD Secretary Henry Cisneros minutes ago after his keynote at NAREE in Austin. Now executive chairman of CityView, an LA-based urban institutional investment firm, Cisneros offered an impressive overview of the country's CRE industry. He said hotels, infrastructure, and apartments are the sectors with the most promise: “Hotels can lead commercial real estate to recovery” because almost no new supply was added during the recession. And with the US homeownership rate dropping from 70% to 65% during the res mortgage crisis, “there will be a major need for apartments.” As for the weak links, the former HUD secretary fingered retail, office, and industrial. Just what we didn't want to hear. |
OH, HENRY
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Henry Cisneros
, HUD Secretary
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