Liquidity will return to the European property market in 2011, Berhinger Harvard's senior vice president has said, however the real opportunities in the market will be available in the next 12 months.

Michael Cohen, senior vice-president at the US-based property investment company, told Property Week: "In Europethey didn't suffer as much (as in the UK) and they will not suffer as much stress because of debt levels.

"They were lower leveraged and therefore you won't see as much stress as you will in the US but overall I think the next 12 to 18 months will see some huge opportunities with everything coming out towards 2011.

"I think you will see the liquidity much stronger in 2011, but the opportunities are going to be in the next 12 months."

Chief operating officer Mark Alfieri, speaking at Expo Real, said that the US market would not be seeing growth in 2010.

"I think we are going to continue to experience distressf or 2010 and are looking for rental levels and demand for every sector, to start to improve in 2011. There's literally been no new supply added in the last couple of years in any category and I just don't see it coming.

"We're still a going country, the population is growing by 100,000 people a month,and demand is increasing, and we are right in the middle of the worst economic environment in the last forty years. Most projections are for a rapid recovery in 2011 to 2013."

Cohen and Alfieri were speaking to Property Week editor Giles Barrie at the Munich conference. Go to Property Week TV to view a video of the interview