NAIOP South Florida, on which chief operating officer Don Silver serves as vice president of public relations, received news coverage in the Miami Herald.
Members and news media gathered in late January for the trade organization’s all-important 2010 economic outlook. Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M University, presented a frank talk on market conditions and whether they might improve this year.
As reported in the Miami Herald, commercial real estate prices have fallen 35 percent to 50 percent from 2007 levels. “Those prices should never have been paid and those loans should never have been made,” Dotzour was quoted as saying. “The prices are getting back to the reality level where tenants can make a profit and survive.”
Dotzour predicted that market conditions would improve this year, but that some owners would be forced to sell at discounted prices.
