Jones Lang LaSalle Spain
I am pleased to report that expectations for Spain are improving primarily to the recent government measures that will see financial institutions accelerate the value adjustment of their real estate portfolios. This adjustment is not only an important economic activity, but a psychological step forward. Combined with the likely closing of the first large portfolio sale of distressed real estate, this should help encourage the market. However, we expect these large portfolio sales to have a very dominant residential component. We do not expect to see large commercial real estate portfolios coming to the market. From a personal perspective, I am keen to use MIPM to hear first hand how “core” investors currently view Spain.
I will report back with additional findings and thoughts throughout MIPIM.