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Cautious optimism amid continued mixed signals

The Real Estate Review, Fall 2009


As we pass the halfway point of the year, there have been some signs that the worst of the recession may be behind us. Or is it? It seems that the answer to whether we’ve reached the bottom and how long we’ll be here is different depending on which crystal ball you’re looking into. These mixed and sometimes contradictory messages are making it extremely challenging for organizations to plan and navigate the next 12 to 18 months.

In the latter half of this year, we are expecting to see increased levels of activity in the capital markets and a rebound in certain parts of the economy, but the strength of any recovery is unlikely to be sufficiently robust to be considered sustainable until 2010, and it will likely be 2011 before real estate industry fundamentals pick up steam again. Also in 2011, looming Commercial Mortgage Backed Securities.(CMBS) maturities could present a new set of challenges for owners if equilibrium hasn’t returned to the real estate capital markets by that point.

The fall 2009 edition of the Real Estate Review examines the key issues that will affect the real estate sector in the months ahead. In this issue, you’ll also find:

  • An economic outlook that examines positive and negative indicators
  • An article that examines how to record investment property under IFRS
  • A look at key real estate taxation issues over the next 18 months
  • An examination of key events that affect the commercial real estate market