NEW YORK-As investors breath a sigh of relief after not going over the fiscal cliff—at least for the time being—and with both the Presidential election and the euro zone crisis behind them, they're likely to create robust commercial real estate activity in 2013, according to Glenn Rufrano, president and CEO of Cushman & Wakefield, who spoke on Tuesday during the company's fourth quarter market report and outlook briefing.
“We expect to see a 15% to 18% increase in investment sales this year,” he said. “2012 was the year of uncertainty and we believe there will be less uncertainty in 2013.” That relative clarity is likely to move markets, added Ken McCarthy, chief economist at the company.
“Maybe less uncertainty will be enough,” he said. “Businesses and investors have the wherewithal to spend; though the fiscal cliff resolution is going to reduce spending in the next six months.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
