LOS ANGELES—GlobeSt.com was in attendance at Avison Young's annual meeting Thursday at the JW Marriott Los Angeles L.A. LIVE. There, we ran into Mark Rose, CEO of the firm, who is also a member of GlobeSt.com's advisory board, who told us that the US markets are generally positive, when asked about his thoughts on the market.
“Choppiness in the financial markets was almost expected and could serve to reset expectations,” he said. “Interest rates must go up at some point and taking a little air out of the balloon is not a bad thing.”
China has problems right now, Canada is stable, but the U.S. and Europe have room to grow as we move into the fourth quarter, he adds. “As a reminder—our industry is cyclical. You can't move straight up.”
Rose previously chatted more in depth with GlobeSt.com on a rate increase, where he takes a wait and see approach on whether there should be much of a concern for the industry. “First things first: they will rise. They only have one way to go. But here is the rub: just because they rise, that doesn't mean it's a catastrophe.” Rose told GlobeSt.com that we can expect “one or two 1/4% increases between September 2015 and March 2016. That is healthy for the economy and the markets as we start to trend back to 'normal.'” Naturally, he added, “if interest rates spike, that is a whole other story. The Fed will manage this properly and may even cut after they raise, depending on the state of the financial systems and the economy.”
For more on that story, click here. And be sure to check back with GlobeSt.com for more from the annual Avison Young meeting, including more on the company's two newest office openings, job growth, the firm's growth plans and more.
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