Your Commercial Real Estate Source in the San Francisco Bay Area
January 12, 2011
Experts See Improvement, Worry About 2013
By Natalie Dolce
NEWPORT BEACH, CA-“It is absolutely clear now that the economy is moving forward at a good pace,” said Christopher Thornberg, economist and founding principal of Beacon Economics at Voit Real Estate Services’ forecast presentation on Tuesday. However, although the US is in recovery mode-with fourth quarter growth hitting 3% and maybe more-according to Thornberg, “we have not truly put our problems behind us.”
Approximately 200 were in attendance at the Pacific Club in Newport Beach to hear the forecast presentation from guest speakers’ Thornberg and Scott Bottles, executive vice president of real estate at the banking group at Wells Fargo. Bob Voit, founder of the locally based company began the event by pointing out that his forecast is optimistic. “The world is turning around again,” he said.
Last year at the Voit forecast event, Thornberg’s big message was that we weren’t out of the woods yet. His message this year is that the financial markets and commercial real estate are heating up, and the current growth rates are expected to continue. However, he said, credit and spending problems still exist.
“The problems are being mashed by ongoing government policy,” he said, a point he first mentioned about a year ago at an IREM forecast breakfast. “Continuation of these policies will be a good couple of years ahead, but creates uncertainty regarding 2013 and beyond.”