Commercial Real Estate Has Hit Bottom: Gosin
Real estate developer Barry Gosin said he thinks commercial real estate prices have hit bottom.
"We are calling a bottom," Gosin told CNBC Friday. "Our view is that the rents have priced forward, that values have come down significantly, and that some time this year prices will start to turn."
Gosin is CEO of Newmark Knight Frank, one of the largest real estate management firms in the U.S. His firm owns many properties, including the Flatiron Building, in New York.
According to Gosin, rents have dropped throughout the country, except for Washington, D.C. and that trend has encouraged new demand.
"The guys who run my offices around the country tell me that companies are starting to think about spending money, they are looking, and they are making decisions," Gosin said. However, he cautioned that it doesn't mean it's going to be a robust recovery.
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