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CRE Panelists Look to '04 Recovery

NEW YORK CITY-During a Counselors of Real Estate event held here yesterday, panelists representing all five segments of the industry agreed that business is still bad and probably won't get better until the end of the next year.

By Diana M. Rodriguez | Updated on April 28, 2003

NEW YORK CITY-The glory days of 2000 are undoubtedly behind us, but so are the days of rock-bottom industry figures. According to panelists at a Counselors of Real Estate conference being held here, the high performance, big-profit quarters experienced at the turn of the millennium, might start popping up again by the end of next year.

While these industry experts, representing all five sectors of real estate, disagreed on how gradual the turnaround would be, they all concurred that 2004 will most likely be the magic year.

“In the next 12 months, our country will grow over 1.5 million jobs,” said Hugh Kelly of New York University. Admittedly optimistic, this multifamily expert opined that, “Once the recovery starts, it will accelerate quickly.”

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