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Industry Moguls Remain Bullish

LOS ANGELES—At CCIM Thrive, five CRE leaders and economists take and in depth look at employment, spending and the fed to give a robust depiction of the economy and how it affects the real estate world.

By Kelsi Maree Borland | Updated on October 28, 2014

LOS ANGELES—Overall, the economic outlook is bright, according to five leading economists on the Economy Decoded panel at CCIM Thrive. Rather than a typical debate, economists each gave a short presentation, weighing employment growth, spending and investor confidence to determine the state of the economy—which was generally positive. Moderated by Mark Dotzour, chief economist of the Real Estate Center at Texas A&M, the panel included speakers Jonathan D. Miller, partner and co-owner of Miller Ryan LLC; Robert Bach, director of research for the Americas at Newmark Grubb Knight Frank; Ken McCarthy, research director at Cushman & Wakefield; and Gary Ralston, CCIM, managing partner at Coldwell Banker Commercial.

Dotzour took to the podium first, offering a relatively bright perspective due to consumer spending power. “The net worth of the American people has never been higher,” he said on the panel, adding that this will lead to augmented spending because “Americans do not tolerate deferred gratification.” He also noted that although the Federal Reserve has extended the balance sheet, we do not have inflation. However, not all of the panelists shared his optimism. Miller, who gave the final presentation, agreed that Americans have a higher net worth today, but noted that the wealth is concentrated at the very top with 45% at the poverty level and stagnant wages. “I am more a glass half empty guy. I don’t think things are as good for the long term as these guys do,” he said in his denouement speech.

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