Steven Roth of Vornado on CNBC

Bill Rudin of Rudin Management and Steven Roth of Vornado were on CNBC earlier today. Full clip below, but quick sound bite summary:

• recovery will be longer than anybody anticipates – bottoming process could take 2 years or possibly more
• flight to quality, tenants want longer term deals
• this down-cycle following the down-cycle trends which followed 1988 peak: public capitalizations followed by 3-5 year “base building” period

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