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National Recession Over, Sublease Market Key to Recovery: Economist

NEW YORK CITY-The US recession is over, says a chief economist for Standard & Poor's at a panel Tuesday evening. While the group was hesitant to declare a jobless recovery inevitable, they did indicate that the glut of undervalued sublease space in New York could be enough to drive the market upwards.

By Michael Gilliard | Updated on April 18, 2002

At an NYU-sponsored panel Tuesday evening, the national outlook was solidly optimistic. “The good news is, the recession is over,” said David Wyss, chief economist for Standard & Poors. “This was the mildest recession in history and it was probably over the end of January.”

Wyss predicted a stock market rebound soon, a general indicator of economic recovery. “I see a Q1 growth rate of 5% to 5.5% this year,” he said. However, the upswing will be modest at best. Traditionally, Wyss noted, recovery after a bull market recession remains horizontal for several years. “If there are 7% returns over the next 10 years, I’ll be happy,” he said.

Wyss’ predictions echoed the tentative market outlook of a REIT Symposium panel last week. Click on: REIT Equity May Top $10B This Year, Despite Lukewarm Wall Street Interest ).

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