Scott Robinson

Scott Robinson is a professor of real estate capital markets at New York University’s Schack Institute of Real Estate and managing partner of Cadence Capital Group, LLC.

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Capital Markets and Finance
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Economy, Market & Trends
Are REITs a Leading Indicator for a Commercial Real Estate Recovery?
While the capital markets ended the year in positive territory, few real estate investors would say that 2009 was a “good year.” Property fundamentals, most notably rental rates and occupancy levels, continue to deteriorate; demand drivers showed few signs of recovery; and banks gave little indication of a desire to restart lending to commercial real estate. Furthermore, the bid/ask spread between buyers and sellers remains stubbornly high.

Nevertheless, real estate investment trusts (REITs), as measured by the National Association of Real Estate Investment Trusts (NAREIT) U.S. Real Estate Index, delivered an approximate 27 percent return during 2009. It was a bumpy ride along the way, with the index touching a multiyear low of 185 in March before ending the year at 325.

June 1, 2010
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Scott Robinson
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