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CRE Investor Stephen Bittel on Industry’s 2023 Outlook in South Florida and Beyond

After the past few years we’ve experienced, nobody would have imagined what came our way in 2022. We began the year cautiously optimistic about a return to some sense of normalcy after two years of uncertainty, first due to the abrupt and sweeping shutdowns of 2020 and later because of supply chain difficulties and rising inflation in 2021.

However, the war in Ukraine pushed energy prices through the roof and a tight labor market, and increasing inflation roused the Federal Reserve to increase interest rates a number of times, pouring over into the capital and debt markets, stock markets and housing market and creating incessant predications of a coming recession.

... Stephen Bittel, founder and chairman of the commercial real estate firm Terranova Corporation, told the website that he expects the national lending market will go on bracing itself in the new year, with only banks and life insurance companies lending off their balance sheets. He said that while loan sales from existing lenders will accelerate, non- and under-performing loans will need to be moved off balance sheets. However, he notes that there will still be a continuation of trends, with places like Miami that were previously experiencing booms outperforming others such as Chicago, San Francisco and NYC will still see outflows of businesses and the population.

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