“I think the recovery has started, we bounced off the bottom. But the recovery has been tepid, it’s been spotty and it’s been uneven,” he said on “Fast Money.”
“Some of the well-rented and better properties are selling at levels that are approaching the 2007 levels,” he said. “That is because some people are very hungry for yield, they’re looking for yield and they’re looking for inflation protection. And in this very low-yielding environment, they think real estate is a good investment.”
(Read More: Cooperman: Market in ‘Zone of Fair Valuation’)
Multifamily housing, especially, has strong upside potential, Mack said.
“That, I believe, has legs,” he added.
Stronger employment will drive growth in office, retail and industrial properties.
“Driving the job market will be the need for space,” he said.