US commercial real estate investors may turn to other opportunities as vacancies remain high and interest rates rise, according to Barry Sternlicht, chief executive officer of Starwood Capital Group LLC. “There are a lot of tourists in property and REITs right now,” Sternlicht said at a panel discussion yesterday at the Milken Institute Global Conference in Beverly Hills, California. “Everybody is racing for yield.” If interest rates head higher, “you will see a pause that will take a lot of capital out,” he said. Corporate bonds may benefit, according to Sternlicht.
0 minute read‘Tourists’ may leave real estate as rates rise, Sternlicht says
April 27, 2010, 2:18pm
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio