Zell compared the current recovery to the economic circumstances of the early 1990s. He recalled that in early 1993, conventional wisdom had it that slow growth was in store for the economy for the foreseeable future. In fact, the economy was on its feet less than a year later. "We are moving slowly toward a recovery, somewhat on the pattern of the '92-93 period," he said. "I think that the pessimism that currently exists in the market is unjustified.

"Zero job growth in 2002 mirrors that of 1992," he continued. "Our estimate of job growth of 1% to 2% in 2003 is consistent with the 1.9% job growth in 1993. We are again in more or less of a jobless recovery [with] signs that the recession is over, but we haven't seen any job growth as yet."

Zell noted that the office section would "continue to bounce along the bottom" until companies begin hiring again. He said that a recovery for the office sector would emerge slowly, in the next 12 to 18 months or so.

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