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CBRE’s Raymond Torto Predicts Two More Years of “Serious Problems”
Posted By squarefeet On February 13, 2009 @ 3:02 pm In Market Data,Trends | No Comments
In an interview with the Real Estate Channel, CBRE’s global chief economist, Raymond Torto indicated things should improve by year’s end, but that at least two more years of trouble looms.
Here are some notable tidbits:
Q - How bad is the economic situation we are in today?
A - Bad. It compares to the Great Depression (of 1929–1940).
Q - Realistically, what time frame does your gut tell you for the capital markets to become stable again? 2010? 2011? 2012?
A - This year. We already are seeing signs. Cisco’s $4 billion (bond offering announced Feb. 10). Once stabilized then, how long will it take for the economy to stabilize? Possibly 2010…but that’s a tough one (to answer). Unemployment will still be high. But GDP (gross domestic product) should (for the first time in two years) show zero or a little higher by the end of this year.
Additional questions and some charts and data can be found at the Real Estate Channel .
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URL to article: http://www.squarefeetblog.com/commercial-real-estate-blog/2009/02/13/cbres-raymond-torto-predicts-two-more-years-of-serious-problems/
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 Real Estate Channel: http://www.realestatechannel.com/us-markets/commercial-real-estate-1/alex-finkelstein-raymond-torto-cb-richard-ellis-co-torto-wheaton-research-rtc-resolution-trust-corp-456.php
 Bill Gross’s Investment Outlook: http://www.squarefeetblog.com/commercial-real-estate-blog/2009/10/27/bill-grosss-investment-outlook/
 Bank of England Indicates Britain Headed into Recession: http://www.squarefeetblog.com/commercial-real-estate-blog/2008/08/13/bank-of-england-indicates-britain-headed-into-recession/
 On The Verge Of Recovery: http://www.squarefeetblog.com/commercial-real-estate-blog/2009/08/21/on-the-verge-of-recovery/
 US Capacity Utilization and Industrial Production Still Falling: http://www.squarefeetblog.com/commercial-real-estate-blog/2009/03/25/us-capacity-utilization-and-industrial-production-still-falling/
 State of California Offloading Buildings To Fill Budget Shortfalls – What A Disaster: http://www.squarefeetblog.com/commercial-real-estate-blog/2009/12/11/state-of-california-offloading-buildings-to-fill-budget-shortfalls-what-a-disaster/