Blackstone real estate head: no US bubble, EM "very attractive"

Jonathan D. Gray
Victor J. Blue | Bloomberg | Getty Images

Private equity firm Blackstone Group, which has made big bets on hotels, rental homes and other real estate in recent years, continues to be bullish on the sector.

"The U.S. is continuing with steady improvement. It's not a rocket-ship, but we're seeing good signs," said Jonathan Gray, who manages about $80 billion of equity assets as Blackstone's global head of real estate.

Gray said housing, hotels, warehouses and shopping centers were showing signs of a continued economic recovery in the U.S. He said the office space market was slower to improve, but was still gaining.

While Gray said the market wasn't overheated, he noted there are few bargains left.