If there were a Hall of Fame for real estate investors, Sam Zell would be a certain first-ballot inductee. The Grave Dancer, as he long ago dubbed himself for his ability to revive moribund properties, has had a golden touch with real estate ever since he got his start managing apartment buildings as a college undergrad. The blockbuster sale of Equity Office Properties Trust last month, which netted Zell about $1 billion, only enhanced that legend.

What’s your outlook for commercial real estate?

ZELL: I think the commercial real estate market is very strong. I think it’s going to get stronger. ... When we have our next recession, and I don’t know when that might be—if I were betting, I’d bet on the first quarter or the first half of ‘09 only because historically in a new administration everybody wants to fix everything—but when that next recession comes, you’re obviously going to see an impact on office, as you would in any recession.

And for residential?

ZELL: The for-rent market is very strong. It is not as strong as it was last year, but it’s still very strong by historical standards. As it gets stronger, the rent-to-buy comparison narrows. So in effect, it’ll result in more balancing and probably generate more buyers in some markets.

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