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<\/a><\/p>\nIn advance of its Global Real Estate Summit 2010, legal firm DLA Piper has released its State of the Market Survey, which asserts that the market has indeed hit that much-vaunted bottom.<\/p>\n
\u201cI guess there\u2019s a sense of optimism there, right?\u201d DLA Piper U.S. Real Estate Practice Chair Jay Epstien noted to CPE when discussing the fact that 60 percent of survey respondents believe the markets have already reached or will reach bottom this year. \u201cI think it\u2019s a sort of cautious optimism that we\u2019re truly in a better place than we were 12 months ago. Looking forward, people are thinking that the markets are at a place where they\u2019re poised to turn up and see more activity.\u201d<\/p>\n
While the bears are down and the bulls up, Epstien asserts that irrational exuberance is not at hand and that another bubble is not in formation.<\/p>\n
\u201cI think it\u2019s more a view toward the (fact that) the industry has been beaten up pretty bad over the last 12-24 months, that the general economy has stabilized or is even better in some peoples\u2019 views,\u201d he said. \u201cWe\u2019re back from the brink \u2026 do I think it\u2019s an exuberance? No, personally, I don\u2019t think that at all. I think this is going to be a slow recovery until we get back to some sense of normalcy. Surely we\u2019re not going back to the way we were in 2007 and early 2008, but at some point the markets will be more stable and vibrant.\u201d<\/p>\n
Two out of three survey respondents said that the federal government\u2019s stimulus funds had done enough to stabilize the real estate marketplace. Epstien told CPE that this means the industry got the benefit of the federal effort.<\/p>\n
\u201cI think if you look back now with some perspective, the Troubled Asset Relief Program funds were critically important to stabilizing the financial markets,\u201d he said. \u201cWe now sit today at a place where the job losses have stopped \u2026 but we have a long way to climb out of the very deep hole that we put ourselves in last year.\u201d<\/p>\n
Survey respondents cited workouts and loan extensions as two of the most prominent strategies for owners and lenders to deal with refinancing. According to Epstien, that equates to a very large representative sample\u2019s belief that kicking the can down the road will continue to be a major strategy.<\/p>\n
\u201cUntil some regulatory impact comes into the market, regulatory direction that the banks and financial institutions have to take these losses and deal with them, what you\u2019re going to see is that it\u2019s going to keep getting pushed down, whether it\u2019s pretend-and-extend or otherwise,\u201d he said. \u201cThe banks are saying absent some external force telling them otherwise, why not extend these loans, particularly when some are cash-flowing.\u201d<\/p>\n
While it was not much of a surprise that the multifamily sector ranked as the most attractive opportunity in the survey, it was a surprise that hotels ranked second. Epstien said that multifamily has remained a relatively consistent performer because financing had never dried up due to the presence of the Fannie Mae and Freddie Mac programs.<\/p>\n
In terms of hotels, he said, they were a leading indicator of the downturn since tourism slowed, jobs went down the drain and nobody was taking a vacation.<\/p>\n
\u201c(Now) people are feeling more comfortable, and business travel resumes,\u201d he said. \u201cRevPAR is picking up \u2026 and people are seeing lots of opportunities in the hotel segment for the industry.\u201d<\/p>\n
CPE will be providing coverage of the Global Real Estate Summit beginning tomorrow morning.<\/p>\n","protected":false},"excerpt":{"rendered":"
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DLA Piper: Market Has Reached Bottom - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dla-piper-market-has-reached-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DLA Piper: Market Has Reached Bottom\" \/>\n<meta property=\"og:description\" content=\"In advance of its Global Real Estate Summit 2010, legal firm DLA Piper has released its State of the Market Survey, which asserts that the market has indeed hit that much-vaunted bottom.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dla-piper-market-has-reached-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-05-03T16:28:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-30T09:36:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/DLA-Piper-150x72.gif\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"DLA Piper: Market Has Reached Bottom\",\"datePublished\":\"2010-05-03T16:28:32+00:00\",\"dateModified\":\"2022-11-30T09:36:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/\"},\"wordCount\":611,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/05\\\/DLA-Piper-150x72.gif\",\"articleSection\":[\"Finance\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dla-piper-market-has-reached-bottom\\\/\",\"name\":\"DLA Piper: Market Has Reached Bottom - 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<\/a><\/p>\n