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C&W CEO Predicts Real Estate Turnaround

NEW YORK-During a meeting here for the Building Owners and Managers Association, Cushman & Wakefield president and CEO Arthur J. Mirante II reported that while demand in the office and industrial sectors has declined for eight consecutive quarters, a turnaround may be expected for 2003.

By Diana M. Rodriguez | Updated on January 15, 2003

NEW YORK-Citing numerous global and economic factors, Cushman & Wakefield president and CEO Arthur J. Mirante II suggested that the real estate industry has already absorbed the “damaging shocks” suffered in the past two years and that a “fragile recovery” is currently under way.

During a recent meeting here with the Building Owners and Managers Association, Mirante noted that “our world economy is weathering a major storm,” which he believes was generated by numerous factors, such as: the US recession, the Sept. 11 tragedy, the Wall Street scandals, the collapse of the Argentine economy, the stall in the Japanese and German economies, and the recent elections in Brazil.

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