Real estate’s back on track! At least if you ask a developer.
At the International Council of Shopping centres’ Global Real Estate Convention (RECON) this week, real estate developers spoke at ease about new opportunities, real estate prices ending their freefall and the credit crunch letting up. From RetailWire:
Stephen Kieras, senior vice president of development at Taubman, told Shopping centres Today, “There’s no slowdown. In fact, we’re seeing a lot of opportunities come to us.” Taubman is pursuing projects both domestically and abroad.
“There’s a real sense of opportunity,” said Scott Schroeder, vice president of marketing at Developers Diversified Realty. “We’re excited.”…
However, it does seem that a few conference attendees are citizens of this world–at least the ones who don’t develop real estate for a living. Adam Raboy, managing director of the Credit Suisse Real Estate Finance and Securitization Group:
“The light at the end of the tunnel is no longer an oncoming train,” he said. “By this time next year, the business should be back on its way to normalcy.