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A Market Bottom Is in Sight for 2010

NEW YORK CITY-In the gap between macroeconomic recovery and a rebound in commercial real estate, there may be opportunities for investors, Deloitte's O'Brien says.

By Paul Bubny | Updated on March 23, 2010

NEW YORK CITY-Given the customary lag between the start of economic recovery and the beginning of a rebound in commercial real estate, the market may possibly touch bottom this year, Deloitte says in a new report. That creates a potential window of distressed opportunity for investors with ready access to capital, according to Deloitte’s “Perspectives on Real Estate: Uncovering Opportunity in a Distressed Market.”

Bob O’Brien, the recently appointed real estate services leader at Deloitte, tells GlobeSt.com the nascent economic recovery has created “a sense of optimism, or at least less pessimism.” He notes that job losses appear to have stabilized, “and employment numbers are ticking up slowly. Consumer spending seems to have bottomed out and ticked up a little bit; retailers and retail real estate owners were reasonably happy with holiday sales. It’s going to come back slowly, but it’s not in free-fall as it was the previous 12 months.”

Within commercial real estate, the capital markets “have opened up to some extent, certainly much improved from where they were a year ago,” O’Brien says. Meanwhile, he adds, REITs have been actively raising funds.

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