Dr. Peter Linneman, PhD
Dr. Peter Linneman is a Principal of Linneman Associates, KL Realty, and American Land Funds, and is the Albert Sussman Emeritus Professor of Real Estate, Finance, and Business Public Policy at the Wharton School of Business at the University of Pennsylvania. He was a member of Wharton's faculty for 32 years, founding Wharton's Real Estate Department and the Zell-Lurie Real Estate Center. He is the founding co-editor of The Wharton Real Estate Review and has published over 80 articles during his career. Dr. Linneman is widely recognized as a leading strategic thinker and investor, and has been cited as one of the 25 Most Influential People in Real Estate by Realtor Magazine, and one of the 100 Most Powerful People in New York Real Estate by the New York Observer. He is a highly sought-after speaker, appearing as the keynote speaker at numerous major industry conferences. His quarterly research publication, The Linneman Letter, has been perhaps the most highly regarded publication in the real estate industry for the past 11 years. His book, Real Estate Finance and Investments: Risks and Opportunities, ( now in its 3rd Edition) has been adopted at over 70 leading universities, and is the leading primary reference source in real estate finance and investment. He has served as Senior Managing Director of Equity International Properties, Vice Chairman of Amerimar Realty, and the Chairman of the Board of Rockefeller Center Properties. In this latter capacity he led the process of foreclosing on its Japanese owners and the successful sale of Rockefeller Center in 1995. He also served on the Board of Directors of public and private companies. Dr. Linneman, holds both Masters and Doctorate degrees in economics from the University of Chicago. He is an avid sports enthusiast and scuba diver. Married for over 38 years, he has no children.
Homepage: http://www.linnemanassociates.com/
Posts by Dr. Peter Linneman, PhD
Real Estate Recovery is All About Job Growth
Nov 26th
PRINCETON, NJ, November 26, 2012 – In his latest white paper, “Real Estate Recovery is all About Job Growth,” NAI Global Chief Economist, Dr. Peter Linneman, outlines that without a robust job recovery, the real estate market will continue to be slow to recover. He states, “After peaking in October 2009 at 10% (revised), the U.S.unemployment rate stood at 7.8% at the end of September 2012, primarily due to 100,000 people leaving the labor force since June. Instead of a robust recovery spurred by the largest peacetime federal spending increase, the economy limps forward under the burdens of excessive government spending and regulatory incursions.”
He also cites, “The single most important indicator for real estate is the proportion of lost jobs that has been recovered to date. This is because at the beginning of the recession, almost all property sectors were in balance. As the recession set in, we lost 8.8
million jobs, and only as these jobs are recovered will real estate space demand approach 2008 levels.”
“Thus far, the U.S. has recovered 48.5% of Payroll Survey jobs and 58% of Household Survey jobs, leaving us 16
million jobs (1.9 standard deviations) below the historical growth trend. The U.S. added just 437,000 jobs over the last three months, a pace which is in line with the tepid 1.8 million jobs gained over the trailing 12 months through September. At the current pace, we will not recover all lost jobs until 2015.”
The white paper also addresses the health of the U.S. real estate recovery being tied to the strength and timing of the nation’s macroeconomic recovery and cites “the best news is that single-family and multifamily housing starts finally are on a clear ascent.”
A PDF of the white paper can be downloaded here:
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 350 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
Unprecedented Global Government Intervention
Aug 6th
In his latest white paper, “Unprecedented Global Government Intervention,” NAI Global Chief Economist, Dr. Peter Linneman, discusses the dangers and pitfalls of an extraordinary wave of global government intervention taking place in capital markets. Citing historical examples, he demonstrates intervention only prolongs periods of stagnation and uncertainty. “In all, government activity is now deterring the very investment it was hoping to spur.”
As we enter the third quarter of 2012, we are seeing the pattern of unprecedented government intervention continue. Governments around the world are using the powerful tools at their disposal; spending, regulations, fiscal policy, and taxes to interfere with the free market in hope of sparking economic recovery. The result is that instead of recovery, we are experiencing further distress as the Euro crisis intensifies and even Brazil and China’s economies slow.
Welcome To The Confused
Jul 8th
The following post is an excerpt from the Summer 2012 issue of The Linneman Letter.
Every executive with whom we speak expresses utter confusion about the state of the global and U.S. economy and capital markets. As a result, they are in a muddle about their investment strategies. They closely monitor economic and capital market data for signs that “everything is all right,” yet even as the U.S. economy grows at a seemingly healthy rate, they remain extraordinarily ill at ease. Why?
Simply stated, this discomfort reflects the fact that even though U.S. real GDP and employment are growing at moderately healthy paces, we remain in totally uncharted waters in terms of both the economy and our capital markets. And when private decision makers are in unfamiliar (and unrecognizable) landscapes, they act very cautiously.
For example, we have not seen in our lifetime federal budget deficits as large as those which currently exist. Not only is U.S. federal spending as a percent of GDP at a peace-time high, but federal revenues as a percent of GDP are well below their historic norm, resulting in unprecedented budget deficits. Compounding the problem of unprecedented U.S. budget deficits is the fact that there is neither political leadership nor a political consensus on how to bring the federal budget back in balance. This is creating a situation in which the only clarity is that the current situation is not sustainable.
A Disastrous Decade.
Nov 18th
First Decade of the 21st Century had a Roaring Start and a Punishing Conclusion, Says NAI Global Chief Economist Dr. Peter Linneman
Despite a roaring start to the new millennium, the U.S. economy has little to show for the past 10 years. NAI Global Chief Economist Dr. Peter Linneman examines the key factors and trends that led the U.S. and global economy on a volatile roller coaster over the past decade, from a promising start to a punishing conclusion in a new white paper. More >
