| We asked Arent Fox real estate chair David Dubrow for thoughts on our Tuesday event, which he expertly moderated. He says the discussion revealed a consensus that it will take a number of years for the market to stabilize. This process will entail banks addressing losses on defaulted loans to clear the way for more liquidity in the market and defaulted CMBS loans leading to the repositioning of properties. It will also include increasing acquisitions, based upon a growing amount of equity, particularly foreign equity, interested in buying well-positioned properties before the market clearly recovers. He concludes that this interest will slowly but surely close the gap between the bid and ask resulting in greater acquisition activity. |
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