Commercial property market to hit bottom in 2010, report says Los Angeles Times By Roger Vincent Real estate industry leaders who are meeting at the Urban Land Institute's annual gathering in San Francisco are more optimistic than they were at this time last year because they can see the reckoning finally on the horizon, said Richard Green, director of the USC Lusk Center for Real Estate. "The mood is considerably lighter," he said. Green is concerned, though, about whether bankers will do what he thinks they should. "One thing that is worrisome is that banks are still delusional," he said, extending weak loans while hoping for a turnaround that will preserve older, higher property values. "There are people out there who need to realize that we need to take the hurt and move on," Green said. "People who have moved on see an opportunity."
November 5, 2009