Building  Owners  and  Managers  Association  International

Building Owners and Managers Association International

BOMA, National Real Estate Organizations Host "State of Real Estate" Briefing on Capitol Hill

July 24, 2012

​FOR IMMEDIATE RELEASE

Industry Experts Address Factors Affecting Real Estates Recovery

 

(WASHINGTON—July 24, 2012) The Building Owners and Managers Association (BOMA) International, in conjunction with the Congressional Real Estate Caucus and the National Real Estate Organizations (NREO), hosted a “State of the Real Estate Industry” briefing on Capitol Hill on July 18. Senate Real Estate Caucus Co–chair Johnny Isakson (R–Ga.) kicked off the briefing. He was followed by Lawrence Yun, chief economist for the National Association of REALTORS®, who presented an overview on the current residential market, and Calvin Schnure, vice president, Research and Industry Information for the National Association of Real Estate Investment Trusts®, who briefed the audience on the commercial real estate outlook. The meeting was designed to give Senate staff a clear perspective on the state of the residential and commercial markets.

“BOMA International is once again honored to host this important briefing by the National Real Estate Organizations on behalf of the Congressional Real Estate Caucus,” remarked Henry Chamberlain, APR, FASAE, CAE, president and chief operating officer, BOMA International, and moderator of the briefing. “The industry is fortunate to have such strong leadership from Caucus Co-chairs, Senators Cardin and Isakson.”

The speakers and experts at the briefing offered compelling analysis of how a strong real estate industry is necessary for a healthy economy.

In his remarks, Senator Isakson addressed both residential and commercial real estate.  He noted that the housing industry is on the way back and that commercial is making a comeback as well; however, tightening lending standards are making it more difficult.

Economist Lawrence Yun told attendees that housing is showing signs of recovery, having had the best first quarter in five years in 2012, and that rebounding home prices appear to be genuine.

Calvin Schnure discussed how the commercial real estate industry is poised for a recovery; however, financing will need to be more prevalent and stronger job growth is necessary for the office and retail sectors to fully recover.

BOMA International, in coordination with the other members of NREO, will be providing additional briefings and other educational forums to Capitol Hill legislators and staff throughout the 112th Congress. Members of NREO include: Associated General Contractors, American Hotel & Lodging Association, American Institute of Architects, American Land Title Association, American Resort Development Association, Appraisal Institute, Building Owners and Managers Association (BOMA) International, CRE Finance Council, International Council of Shopping Centers, Manufactured Housing Institute, Mortgage Bankers Association, NAIOP - Commercial Real Estate Development Association, National Apartment Association, National Association of Home Builders, National Multi Housing Council, National Association of Real Estate Investment Managers, National Association of Real Estate Investment Trusts, National Association of REALTORS®, The Real Estate Roundtable.

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About BOMA International
The Building Owners and Managers Association (BOMA) International is an international federation of more than 100 local associations and affiliated organizations. Founded in 1907, its 16,500-plus members own or manage more than nine billion square feet of commercial properties. BOMA International’s mission is to enhance the human, intellectual and physical assets of the commercial real estate industry through advocacy, education, research, standards and information. On the web at www.boma.org.

Contact
Laura Horsley
Director of Communications
(202) 326-6315
lhorsley@boma.org