News
NAI'S FORECAST
February 6, 2009
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| More forecasts! We attended an NAI Global breakfast yesterday at the New York Athletic Club, presented by NYC exec managing director Andrew Simon, CEO Jeff Finn, and chief economist Peter Linneman. Jeff predicts a turnaround in 12 months, with a reemergence of demand, growth, and optimism. Andrew said NYC has already seen rental rate declines; vacancy will grow to over 7% and availabilities up to 13%; concession packages will increase, Andrew adds. NYC brokers who provide true value will stay, and physical and long-term investors will succeed. Result? We'll be at or near the bottom by year's end. |
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| But the best thing you can do for the economy? "Stop listening to each other," Peter said, to laughter. "The world is not ending." He suggests everyone go to Antarctica for three months (which he recently visited). |
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| NAI Platform's Jim Harder, NAI Global's Ted Parcel, Platform's Tyler Culberson, Global's Kim Kocur, and Platform's Cory Tyksinski. When Jim's not brokering deals for Albany International, he's daydreaming about warmer weather and golfing in Miami. Tyler's cracking the books at Siena as a business major. |
