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Milken Conference

Sam Zell: Real estate cycle nearing its end

Sam Zell

The real estate cycle is coming to an end, said Sam Zell, chairman of Equity Group Investments, during a real estate panel at the Milken Institute Global Conference in Beverly Hills, Calif., on Monday.

There is more supply than demand, Mr. Zell said.

“The U.S. is not a particularly attractive market,” Mr. Zell said. “The odds are performance will be less than rather than more than.” And the capital available to invest in real estate is “able to turn on a dime” more than most people would expect, Mr. Zell said.