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Opportunities Are Still Out There, NAIOP Told

CHICAGO-Investors must "accept the fact we have to move from Easy Street to the Eisenhower Expressway at 5:30," Gary Kachadurian of RREEF Funds tells the National Association of Industrial and Office Properties conference.

By Mark Ruda | Updated on October 24, 2001

CHICAGO-Investing in commercial real estate was tough before Sept. 11. While the terrorist attacks on the US made making deals tougher, there are still opportunities to be had, a panel told the National Association of Industrial and Office Properties conference.

“Today’s challenge will be for all of us to accept the fact we have to move from Easy Street to the Eisenhower Expressway at 5:30,” says Gary Kachadurian of RREEF Funds. He adds many aspects of the real estate business, particularly property management and financing, have become more difficult. However, he adds, “There could be some real good opportunities out there.” Those could include multifamily rental restorations, says Kachadurian, whose firm has closed $600 million worth of deals in that market segment.

Benjamin G. Gifford, managing director of JP Morgan Fleming Asset Management, notes supply and demand “are in pretty good shape,” even in the office sector, where 12% vacancy rates are considered equilibrium. “We as investors have a phenomenal opportunity to buy properties at fantastic returns at interest rates that are unprecedented,” Gifford adds.

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