Property Downturn Creating Best Opportunity in Decades, Gloor Says

Sterling Bay CEO sees rate cuts bringing investment back
Commercial real estate has been ‘under a category five storm’

Andy Gloor, CEO of Sterling Bay Capital, says he hopes the Federal Reserve cuts interest rates by 50 basis points in September. He joins “Balance of Power” from Chicago at the Democratic National Convention to talk about the economy and how housing is a huge issue in the election.Source: Bloomberg

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By Miranda Davis

August 19, 2024 at 4:40 PM EDT

This article is for subscribers only.

One of Chicago’s preeminent real estate developers says now is the time for those with capital to make a contrarian bet and invest in commercial real estate.

“Over the next two quarters, I don’t think there is a better time in commercial real estate to acquire,” Sterling Bay CEO Andy Gloor said in an interview on Bloomberg Television’s “Balance of Power” on Monday. “The opportunities that we’re seeing, we haven’t seen in 20 years. It is a great time. It’s a contrarian move.”