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CRE Heavy Hitters See A Mixed State of Affairs Ahead

NEW YORK CITY-Prognostications at the NYU Schack school conference were both positive and negative, with the latter view led by industry leader Sam Zell.

By Rayna Katz | Updated on April 15, 2013

NEW YORK CITY-Though they cut across a wide swath of the REIT industry, the speakers at the NYU Schack Institute of Real Estate conference, held on Thursday, sounded some common themes throughout the event. The final session of the conference though—a conversation with Sam Zell, chairman of Equity Group Investments who’s been unofficially called the grandfather of the REIT industry—trumped all of the presenters, ending the conference on a high note.

Zell, in his characteristic frank-speaking manner, had a less-than-upbeat take on the industry’s future, at least in the short-term.  “I am much less of a bull than everyone else seems to be. Unemployment is ‘down to 7%’ but it’s really 16%, so I find it difficult to see any great horizon until we get this fixed.”

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