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Global Real Estate Securities - 2009 Outlook
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01/29/2009
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With the steep decline in real estate securities globally last year, there is a noticeable disconnect between the valuations of direct real estate, even assuming a further material increase in cap rates, and the pricing of real estate equities. We expect that public real estate companies will be significant beneficiaries of capital flows as investors look to take advantage of the distress in the market. The first half of 2009 is likely to remain volatile, but signs of an economic recovery in 2010 should – provided the debt markets stabilize – prompt a rebound in stock prices and provide the opportunity for very compelling risk-adjusted returns from the sector.
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Authors:
Marc Halle
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