Tuesday, 9th February 2010

 

13 November 2009 - Press Briefing

Zell soothes fears over commercial real-estate crash

Forecasts of a precipitous crash in the commercial real estate market are way too pessimistic, industry titan Sam Zell has insisted, according to a report in Chicago Sun-Times.

Highlighting the lack of any new supply of commercial property since 2007, Zell predicted that the current level of high vacancy rates in office and warehouse space would end “by 2011 and 2012”. However, the Tribune owner warned of “very low rental rates” for the sector going forward.

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