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Jordan Schnitzer recently recalled noticing on a February day that the light was lasting longer and the winter seemed to, at least for the time being, give way to spring. He used the analogy to describe his take on Portland’s real estate market as the economic recovery gains momentum.

“Overall, it is like real estate is coming out of the thaw of the recession we’ve had for five or six years, so there is certainly a burst of optimism compared to how dismal the industry has been during the depths of the recession,” said Schnitzer, president of Harsch Investment Properties.

With offices in Oregon, Washington, California, Arizona, Nevada and Utah, Harsch has experienced the recession in multiple markets and product categories and, therefore, has a comprehensive view of the various markets’ performance in the West. Schnitzer said he is cautiously optimistic about each market’s and product’s performance of late.

“We’re seeing significant activity in all of our markets. Each market has its own idiosyncrasies, with some product types being stronger than others,” he said. “In the Portland area, we’ve certainly seen a huge number of multifamily projects being planned or under construction.

“We’re frankly a little timid and not as bullish as others that all of those projects are going to lease up,” Schnitzer added. “While we’ve seen some slow and steady employment growth, some other developers are more optimistic.”

Harsch Investment Properties is behind the effort to redevelop Centennial Mills, a former flour mill and riverfront site that has been vacant since 2001. While the project presents plenty of challenges, Schnitzer said he believes tremendous progress has been made over the past eight months.

“We’ve got an amazing team of approximately 20 people who have done the kind of work the citizens are entitled to, and we have the best citizens locally and nationally examining various options for the site, from doing very little to maximum build-out to a range of options in between,” he said.

Schnitzer said Harsch’s next steps involve meeting with the Portland Development Commission to discuss its redevelopment plan for the site, and then moving forward with the public process.

Harsch’s portfolio also includes the Dealers Supply parcel in the Central Eastside Industrial District; a block of buildings bounded by West Burnside and Alder streets and Southwest 15th and 16th avenues; and the Boxer Block nestled between the Pearl District and the Central Business District.