Blackstone, Starwood Split on Commercial-Property Market Risks
- ‘Shipwreck’ has already happened, Blackstone’s McCarthy says
- Starwood’s Sternlicht sees ‘huge distressed cycle ahead of us’
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Two of the world’s biggest property investors are split on the current state of the US commercial real estate cycle.
For Blackstone Inc., with about $600 billion in property globally, the market is finding a floor. A peak in interest rates and a slowdown in the supply of new construction are indicators that real estate in the US is bottoming, according to Kathleen McCarthy, global co-head of real estate at Blackstone.