My friend Jeff Hornberger is managing director of commercial Real Estate at the NATIONAL ASSOCIATION OF REALTORS. He sent me an email with a brief of how Europe is faring and his impression of the Expo Real commercial real estate exposition. With his permission I post his email here.
Expo Real was interesting. Yes, I see green shoots in real estate business. Its always good to get the European view of things which is why Expo Real is so good. In Europe 35% of the FDI comes from the USA (still) so we are not seen as "empire on the decline". And, oh boy do they love Barack Obama who is very popular in Europe perceived as "cut from the REAL American stuff" so as an American abroad there's a better feel good vibe from folks! The investor type there seems to think the US real estate market has hit bottom about now and interest in US (commercial real estate) investment is growing, at the expense and chagrin of markets that are competing for European FDI (ex, Eastern Europe). The doom and gloom about the US seems to be more pervasive stateside than abroad; markets such as Spain and Ireland are in much more dire shape than we are and the conventional wisdom over there seems to be that the US is down, but not out.
Traffic at the NAR booth was non-stop with high quality folks very interested in the US market. I attended the conference also and the "Americas Market Session" was standing room only which I didn't see for any of the other regional sessions.
One anecdotal thing I experienced while in Germany was the unbelievable amount of Americans over there in every subway car, restaurant, street, hotel, etc.. They seem to be there on business, pleasure, or whatever. One night I walked into the posh "Rathskeller" restaurant in downtown Munich and the place was packed, all with Gringos. I had not been to Europe in almost 2 years, so expected due to the economy and exchange rate that the Americans wouldn't be there but I did not find that to be the case.
Well, that's the view I got from the other side of the pond; but time will tell how this economic mess sorts itself out..
regards.. I hope to make it to Valle Escondido soon!
Keep in touch.. JEFF
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