Sam Zell reflects on the continuing evolution of the real estate industry, of which he is an icon. He describes the arbitrage potential of an average 6 percent interest rate relative to an inflation rate of 9 percent, the birth of opportunity funds, the development of the con-cept of the "real estate elitist," and the existence of a market - composed of relatively small players who could borrow money because they had connections with local banks - transformed to an industry offering an astonishing opportunity for marketing. He pre-dicts that the CEOs of the industry leaders of the future will be much more operations-oriented and may have no real estate experience.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Publisher Info
Paper provided by Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania in its series Zell/Lurie Center Working Papers with number
416.