Raymond Torto, CBRE Global Chief Economist, on Commercial Real Estate

Right now we are joined by the rhetorical. Ray is the global chief economist at CB Richard LC joins us today and Benito exchange rate -- things. -- are more important AR. They were -- we keep hearing about major commercial real estate projects in Boston been approved for instance. There's one over in Brighton we hear heard about one you know -- by the new balance building. And -- at random numbers projects in South Boston who was projects around -- way. Yet we don't see it to have moving forward I guess my my question is why are they not lose Ford developer having difficulty getting financing for this or what's the deal. I think. -- by injuries but others in his car I think that's the one word I would use that would probably. What everybody's. And precautions because we will go to them. And that's a masters US and global companies were -- of -- -- -- well intentioned program. So I think it's. And also follow -- untouchable the governor's son and the bill it's -- -- like -- permits so. Got a permit. As. Consider those seventh -- standard for another -- years. The expiring there are so. That everybody. But bill. You know we've been around them everybody's animal models all of used to -- It's the new normal quote. And his. -- Massachusetts becoming a little more friendly towards development because they had a reputation in the mayor in particular had a reputation for really being a apparently eat eat out an obstructionist. To well allotted commercial development in Boston. -- column as a development is slow global. That that those. This in buildings and -- -- so. It -- Is one for thirty years. It's been very the Obama that allows you and I what other who. Administers. -- situation as soon. In other. Countries in the world and it is actually in the ocean but I wish that it is essential so. So -- I think that. And they are approach. And it's also. And then there are only going a whole. Won't go very it was a little worse -- What do you do commercial real estate values moving tandem with residential property like I'm thinking. You know you've got international placed does that move with Condo prices in Boston urgent it is -- federal statement separately from. It. You know last. Two years. Is that compare those questions among those. Equity in what you would call it up and it. Is. The moved. I don't know what that. Let you know. Risen because because it's happened that ability at the lower. Is moving slowly. Investors a look and or. What -- homers overall world looked at -- yeah. -- you view these cars. That couldn't. And income. It was the and settle for. What I've been on the you know players like. This. They do go up like that and humans and as a lot of outlook. Prices -- All over the last years. -- -- -- -- Country. What happens to -- world. Big what do -- happen to commercial real estate prices if we had the unemployment rate go from where it is now to eight point 3% now. I talk to an economist yesterday said it's gonna take it another two years before dipped below 6%. Do you see a big spike in commercial real estate prices in two years if that happens. I remained -- Increase increase that are -- prices rise as an expert for commercial real estate and well. I don't actually -- certainly economy and think about from those of the economy and aux. Enjoyed your -- -- to a depth this is like international always -- there was just so people who work. America that the lawyers. Liberals Google them. That is -- I don't see. Despite. We're deliberately morrow global and mutually that this shows that. Prices Latin quarter because even though that that it was a preview the list. First this year little uncertain world. -- is stopping but he can conduct that we're. -- Eat if unemployment comes down though does this do real estate prices cooperate. And unemployment and I think is better those press rulers who are you surprised. And all that well people. Because the some commercial real estate is that well like in the Boston New York area but there's been areas in the country work commercial real estate values have declined. Will they come back -- we see recovery commercial real estate values in places you mentioned Phoenix. You think about Florida -- to believe it commercial real estate prices in those areas had declines some. Weinberg radically and some of those numbers this is a concern -- -- articulated. A home so you Richard it was a dollar as -- sense. We come back late in the 60s65%. In a sense and so go and or other. That could go -- sense. And obviously those. Sensible there's been some of them sure that you look around and. We sure will thank you very much -- appreciate your time. Important. It's retort oh she global chief economist at CB Richard -- they're just a real big commercial rules state farm that he knows a thing up yeah. -- our listeners know that stuff too we asked the question. How much did you pay for rent for your first apartment wearing it and -- are we in the liquidity guy getting favorites update and throw tons of them this 97880. Dollars a month to veterans and included the heat well in 1981 and Chelsea. 180 a month. Our group like different about it might may be burned down and still there may be the election they will be right back we wanna hear from -- with book to bill. What you pay for your first apartment what you're did you do it in what did you -- Mary Lou would get in exchange for -- not yet when we come back but they were my targets living on the upper west side of Manhattan. It ain't much data. And nothing. We'll be right back this is the but it -- exchange.