CEO of Brookfield Properties, Ric Clark, and one of the managers overseeing the company’s new $4 billion broken real estate fund, says the commercial real estate market is already improving, especially in New York. “Since financial firms are hiring again, the bid-ask spread is picking up,” Clark told the Financial Post. Clark also noted that the recent Developers Diversified deal has spurred some positive movement, although the industry is still faced with a shortage of liquidity. “On the heels of that deal, banks are talking about starting to pull a few deals off the shelf and trying to do some non-TALF securitization, without federal backing. But it’s early days,” he said. “As for Brookfield, I believe my company is largely insulated from the crisis because of its small percentage of leases expiring over the next two years: just 2.8 percent. Fundamentals have been declining when it comes to rental rates, but at the moment we have limited exposure.”
Via: The Real Deal
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