Thru the Lens: "One Trillion and Counting"

REIT (Real Estate Investment Trust) industry leaders led a packed agenda covering a wide array of comprehensive topics at the NYU Schack Institute of Real Estate's 19th Annual REIT Symposium, titled "One Trillion and Counting," on Tuesday, April 8, 2014 at The Pierre in Manhattan. Throughout the high-level discussions and debates, most expressed high hopes for the market to continue its post-recession growth trajectory. Jonathan Gray, global head of real estate at Blackstone, kicked off the full-day agenda with a keynote address in which he explained that the industry, and the REIT sector in particular, is past deep distress, while the U.S. commercial real estate industry is somewhere in the middle of a recovery. He also noted that investors are seeing underlying demand for strip retail, including grocery-anchored space, and select service hotels. "Our keynote speaker set the stage for a lively and thoughtful discussion of the key issues facing the REIT industry," said NYU Schack divisional dean Rosemary Scanlon. "We appreciate the participation of these industry experts and the opportunity to bring together working professionals and our current and former students." Dean Scanlon presented Gray with the annual Visionary Award for his ongoing involvement with NYU Schack. The NYU REIT Symposium featured eight panels over the course of the day focusing on a range of important market trends, particularly the industry's explosive growth, which has now topped $1 trillion in enterprise value. Sam Zell, chairman of Equity Group Investments, closed the conference with his traditional wit and colorful comments. He noted that the commercial real estate market had been on pause, but the market is now poised for a change. He believes that more foreign investors will buy commercial real estate. Zell also expressed optimism for the multifamily sector in 24-hour cities. Shown (from left) are: Adam Emmerich, partner at Wachtell, Lipton, Rosen & Katz; Jonathan Gray, keynote speaker and global head of real estate for Blackstone; Robin Panovka, partner at Wachtell, Lipton, Rosen & Katz; James Kuhn, chairman of the NYU Schack Advisory Board and president of Newmark Grubb Night Frank; and Rosemary Scanlon, divisional dean for the NYU Schack Institute of Real Estate. Photo Credit: NYU Photo Bureau/Elena Olivo.