Credit government's role in real estate turnaround.

Strong, determined government leadership has made the critical difference in changing things for the better here in The Big Apple.

No doubt the real estate industry is benefiting tremendously from the long-awaited turnaround that is now taking place. Many firms who managed to survive the worst of times in recent years are now heartened that the best of times may lie ahead.

Obviously, those companies that were able to maintain a positive image through targeted communications strategies in recent years were better able to survive the downturns in the real estate marketplace. Now they are in excellent position to enjoy the lion's share of business as the market improves.

Today, a sense of optimism pervades the real estate industry, due largely to both the Mayor and Governor's determined efforts to stimulate the city's economy. It appears to be working. There are noticeable improvements in almost every sector of the market and all signs seem to point toward an ongoing resurgence.

As we start the new year, there is growing hope and confidence that New York City will continue to support many programs and issues that are critical to the health of the real estate industry and the revitalization of the marketplace. The Real Estate Board of New York has been successful in its tax reform efforts; the apartment rental market is sizzling and sales activity is strong in virtually all sectors of the luxury coop/condo marketplace; major retailers are actively leasing throughout the city; and space in New York's office market is steadily being absorbed.

A successful public relations program can accomplish numerous objectives. Developers and owners can communicate their strengths to the real estate community, potential tenants and the general public, while heightening awareness of specific projects, and accelerating sales and leasing activity.

In a rebounding market, companies with a sophisticated, targeted public relations program that focuses on successful projects are able to develop and maintain visibility not only in the real estate, but in the financial community as well. As the economy recovers, these companies are often the first to receive proposals for new business activity or take advantage of financing or securitization opportunities.

Today, the "flight to quality" has become the response among tenants in a market where conditions are definitely in their favor. Tenants seeking the best value for their dollars are choosing to locate in developments with strong owners, good management, prestigious locations, amenities and long-term stability.

A successful public relations program can have a dramatic effect in determining which companies are perceived as quality players. This is critical because in a tenant's perception of a project, development of an owner's reputation will be a determining factor in its decision to lease space.

As New York's real estate market continues its recovery process, there are still many challenges that must be met. Changing times demand creative communication strategies, and public relations will continue to play a key role in marketing commercial space, selling residential units, and keeping companies and projects in the public eye.