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Commentary with CBRE's Raymond Torto

'The economy is like a patient who has gone through a trauma and is now in intensive care.'

By Paul Bubny | Updated on August 21, 2009

The latest Blue Chip Economic Indicators survey, released August 10, shows that most economists agree that the recession is coming to an end. In fact, 87% of the panel of economists said they think it will be over by the end of the third quarter. About the strength and duration of the recovery, though, there was less consensus, with opinions divided on whether we’re in for a U-, V- or W-shaped cycle.

On one aspect of the recovery—when we’ll see it—there’s less disagreement, at least among GlobeSt.com readers. Seventy percent of you voted last week that there’s “not a chance” of seeing a recovery by the end of this year. We asked Raymond Torto, global chief economist for CB Richard Ellis, for his take on the recovery scenario.

“If you mean economic recovery, and measure it by Gross Domestic Product, I would say we will see some positive news this year. But if you measure it by jobs, and particularly office-related jobs, I would say no, we won’t see recovery this year. It will be next year.

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