Gloomy Outlook for Real Estate.

• Position: Business Briefs

Real estate investment prospects all major metropolitan areas will decline next year, according to Emerging Trends in Real Estate(R) 2002. Although the "24-hour markets" have peaked, New York, Washington, D.C., Boston, Southern California and San Francisco will provide the best opportunity for investors in 2002, according to the annual forecast published by PricewaterhouseCoopers and Lend Lease Real Estate Investments

But not for long. Emerging Trends identifies five issues that it says will diminish the outlook for 24-hour cities in 2002 and beyond:

1. The souring economy: The economic downturn is sure to test local governments as cutbacks force tax hikes and cuts in key city services. In-migration could drop off if crime increases and job opportunities diminish.

2. Federal indifference: Big-city mayors can expect little support from the Bush administration, and Congress has not adopted an urban agenda. Exception: New York City...