More than 500 of the region's top real estate industry executives gathered at the Philadelphia conference to hear the less-than-rosy news. RealShare Philadelphia, along with other RealShare events nationwide, is produced by Real Estate Media, publishers of GlobeSt.com, GlobeSt.RETAIL, Real Estate Forum magazine and other print and online publications devoted to commercial real estate.

Arguing that we are in a cycle, not a new economy or new paradigm, speaker Dean Adler, CEO and founder of Lubert-Adler, kicked off the conference at the Doubletree Hotel by saying, "There's too much money. Lenders will finance anyone. There's a lot of short-term thinking for long-term investments." He called for a "reality check."

Adler cited the Center City condo market as a prime example. "Where's the demand?" he asked, predicting the "huge excess will get very ugly in 18 months. It will burn off to a half-way decent market, and quality will sell over time," he added, specifically citing the Rittenhouse and Washington Square markets. The experience, however, "shows why we should stick to the fundamentals" of supply and demand.