When it comes to describing the current state of commercial real fundamentals, “strong” is too strong of a word, according to Ross Nussbaum, managing director and senior REIT analyst with UBS.
Speaking with REIT.com during REITWorld 2011: NAREIT’s Annual Convention for All Things REIT in Dallas last week, Nussbaum said there are a number of problems the market still has to deal with including Europe falling into recession. He said he would describe the recovery in the U.S. as “slow and gradual.”
“If there was one area where I would be tempted to use the word strong, it would be multifamily,” Nussbaum said. “Multifamily rent growth has been absolutely phenomenal over the last year to year-and-a-half. We do think that will continue into the next year.”
When it comes to how REITs will most likely grow their portfolios, either acquisitions or development, Nussbaum said it all depends on the sector in which they operate.
Read more...Acquisitions, Not development, to Drive Majority of REIT Growth - REIT.com
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