“The real estate fundamentals have turned dramatically in the last 12 months,” says Brookfield Asset Management CEO Bruce Flatt. Photo by Michael Nagle/Bloomberg/File

There are no major office buildings under construction in New York City and few in London, a rare event that Brookfield Asset Management CEO Bruce Flatt takes as a sign it’s a good time to be investing in real estate.

“What that means is in the next five years rents are going through the roof,” he said at the alternative asset manager’s annual investor conference in New York on Wednesday. “It’s about supply, demand, interest rates and financing and it’s all coming back.”

Flatt predicted that interest rates in the United States will be ratcheted down by 100 basis points over the next 12 to 18 months, with financings alrea

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