Credit Suisse gives REITs some good news

From left: Tim Naughton and Steven Roth

From left: Tim Naughton and Steven Roth

Economic uncertainty has led several investment banks to downgrade their forecasts on real estate investment trusts. But not Credit Suisse, which last week upgraded Vornado Realty Trust and offered a decidedly sunny short-term outlook on the overall REIT sector.

The Swiss investment bank upgraded Vornado to a “neutral” rating from the previous designation of “underperform,” noting that “both [New York City] office and retail fundamentals are healthy (and improving), while there is a continued strong bid for NYC real estate by foreign buyers,” who represented 42 percent of the market share this year. (more…)

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