CAPRE Exclusive | CBRE’s Spencer Levy: “Invest in Major City CBDs Now and Make a Lot of Money if You Can Find Value”

On September 30, CAPRE’s Brian Klebash caught up with CBRE's Chairman of Americas Research and Senior Economic Advisor, Spencer Levy, to discuss the current investment environment for the various commercial real estate asset classes across the United States. Spencer Levy is the Chairman of Americas Research and Senior Economic Advisor for CBRE, the largest commercial real estate services and investment firm in the world. Spencer is the chief spokesman on real estate matters for CBRE in the Americas. He is regularly quoted in major business publications and frequently is a guest on business television, including CNN, Bloomberg, CNBC, PBS and Fox Business. Spencer is the host of CBRE’s podcast “The Weekly Take.” He is widely considered one of the finest commentators in the entire commercial real estate industry. Spencer sits on the boards of the Baltimore Leadership School for Young Women and Harvard Alumni Real Estate. In his broad-ranging interview with CAPRE, Levy offered many conclusions, including: 1) Industrial is "better than ever." 2) Multifamily is performing well, but a prior year forecast was 'too optimistic' due to central business district challenges, including a significant rise in vacancy and drop in rent. 3) In terms of CBRE's office forecast, Levy indicated that he "doesn't know how major the shift will be in office [relative to WFH], and doesn't have a definitive answer." Levy said "let's wait for the eye of the storm to pass." 4) Retail and hotel are more…