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Values Stay Flat, But Markets Continue Thaw

NEW YORK CITY-Panelists at AFIRE's winter conference noted an increased appetite by foreign investors, but said seller motivation isn't there yet.

By Paul Bubny | Updated on February 11, 2010

NEW YORK CITY-Asset values at the start of 2011 won’t be appreciably higher compared to today, panelists agreed Thursday in a capital markets session presented by the Association of Foreign Investors in Real Estate. However, panelist Steven Kohn predicted that an increasing supply of assets coming to market would help offset cap rate compression.

In light of the panel’s subtitle, “The Continuing Debt Crisis,” the AFIRE panelists noted the progress the markets have made over the past year in moving past the crisis. The panel was held during AFIRE’s 2010 Winter Conference at the Mandarin Oriental Hotel here on Wednesday and Thursday. Lee Neibart, global CEO of AREA Property Partners, moderated Thursday’s capital markets panel.

Although SVP Patricia Mosser of the Federal Reserve Bank of New York said the risk of a double-dip recession couldn’t be ruled out, panelist Peter Baccile said the most severe prospect facing the economy following the September 2008 Wall Street meltdown—outright collapse of the system—has been averted. “There’s no longer a reason to fear systemic failure,” said Baccile, vice chairman at J.P. Morgan Securities.

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