Brokers wager on the future at Grubb & Ellis Meadowlands event.Grubb & Ellis Company announced the success of its 9th annual New Jersey Real Estate Forecast Event, held in the Pegasus Restaurant at the Meadowlands Racetrack The Meadowlands Racetrack is a horse racing track at the Meadowlands Sports Complex in East Rutherford, New Jersey, United States. The track hosts both thoroughbred racing and harness racing. It is known popularly in the region as "The Big M. . A night of dining, networking and horse racing horse racing, trials of speed involving two or more horses. It includes races among harnessed horses with one of two particular gaits, among saddled Thoroughbreds (or, less frequently, quarterhorses) on a flat track, or among saddled horses over a turf course with ensued for more than 200 invited guests, including leading financial, law and real estate development firms. Rick Marchisio, executive vice president/managing dDirector of Grubb & Ellis' New Jersey offices kicked off the Forecast Event and also served as moderator moderator - A person, or small group of people, who manages a moderated mailing list or Usenet newsgroup. Moderators are responsible for determining which email submissions are passed on to the list or newsgroup. for the guest speaker panel. Stephen Jenco, client services manager for Grubb & Ellis' New Jersey Offices, presented the firm's outlook for the New Jersey commercial real estate market in 2007. The word 'deceleration' was used to describe conditions in the office market, as evident by declining quarterly absorption figures during the past year. However, Manhattan's historically low availability rate was forecasted to encourage companies to expand their operations to the Hudson Waterfront. Turning to the industrial market, Jenco cited the resurgence in demand witnessed during the past year as a catalyst for the next wave of big-box construction in 2007. Furthermore, escalating construction costs may prompt developers to lock in current prices and begin their endeavors, rather than risking even higher future prices for construction materials. On the retail front, the resilience of consumers to maintain their spending habits is likely to be tested in the wake of a slowdown in the housing market. However, the investment arena is forecasted to remain active as a variety of entities navigate the market in pursuit of additional holdings. Dr. James Hughes James J. Hughes Ph.D. is a bioethicist and sociologist teaching health policy at Trinity College in Hartford, Connecticut.[1][2] Hughes holds a doctorate in sociology from the University of Chicago, where he served as the assistant director of research , Dean of the Edward J. Bloustein School of Planning and Public Policy The Edward J. Bloustein School of Planning and Public Policy of Rutgers University serves as a center for the theory and practice of planning and public policy scholarship. at Rutgers University Rutgers University, main campus at New Brunswick, N.J.; land-grant and state supported; coeducational except for Douglass College; chartered 1766 as Queen's College, opened 1771. Campuses and Facilities Rutgers maintains three campuses. , presented the U.S. and New Jersey economic outlooks for 2007. He referenced the strength of New Jersey's economic engine, but high housing costs, coupled with the high cost of doing business in the state and perceived anti-business climate could impact New Jersey's future competitiveness. Kapil Sharma, general manager--North America for The Tata Group The Tata Group is India's largest conglomerate company, with revenues in 2005-06 of Rs. 967,229 million (US $21.9 billion), the equivalent of about 2.8% of India's GDP, and a market capitalisation of US $57.6 billion now (only 28 of the 96 Tata Group companies are publicly listed). , which is one of India's largest business conglomerates, comprising 96 operating companies operating company A business that engages in transactions with outsiders. and employing over 200,000 people in 54 countries, addressed the topic of off-shoring and outsourcing occurring within the global economy. He cited a growing interest by foreign-based companies to expand their operations within the U.S. utilizing the skilled American labor pool. "Mr. Sharma believes strongly that globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and outsourcing will play key roles in strengthening New Jersey's economy as businesses become more profitable as a result of cutting measures that outsourcing can provide. The commercial real estate market will benefit as well as more overseas companies set up operations in New Jersey. In addition, Grubb & Ellis distributed its 2007 Northeast Real Estate Forecast Book, which highlights major trends that are anticipated to impact the region's commercial real estate market in the coming year. Stated Marchisio, "Each speaker brought to the table a diversified look at the real estate industry for the year 2007. I feel our guests benefited greatly from the information they received." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion