DENVER-Get Rich Slowly. That was Jonathan Miller's take on the "Turtle-slow" recovery, as he introduced this year's edition of "Emerging Trends," the annual joint effort of ULI and PwC.
Stay tuned to GlobeSt.com for a complete follow-up on the report, but here are the major takeaways:
* All property sectors will register noticeable improvements in prospects in 2013;
* The three top cities for investment, development and homebuilding will be (in order) San Francisco; New York and San Jose;
* In capital markets, REITs still corner the top tier and CMBS is "lurching forward," although according to the report, "nothing meaningful has been done to correct prior problems."
The news briefing, hosted by ULI chairman Patrick L. Phillips, also brought into sharper focus the threats that remain to this recovery, especially the so-called fiscal cliff and the ongoing economic issues that make Europe "a very scary place."up just a bit: the world's problems actually benefit US real estate, even though we don't deserve it."
But the overall message of the report is clear: "Lingering doubters need to ease up a bit. The world's problems actually benefit US real estate, even though we don't deserve it."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
