International real estate execs say global economy in recession.A major survey of international commercial real estate executives revealed recently that they believed the global economy was in recession and its negative effect on the sector would be felt well into 2002. Highlights from the survey include: * 90% stated global economy was entering a recession * 50% stated property values had not been affected since Sept. 11 * 65% were not delaying plans to acquire additional space * 70% used Internet regularly in real estate business * 70% stated job cuts were likely in 2002 * And 70% predicted earliest upturn would be during the third quarter of 2002 However, a positive story emerged as 50% stated that the value of estates remained at pre-Sept 11 levels and 65% said they continued to seek space and invest in technology. The survey was conducted Nov. 12 at the International Development Research Council's European congress this year in Belfast. A strong majority reported that increased security is now a major issue. In addition, executives expressed concern for the economy. Recovery for North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. is at least three quarters away, with the possibility of a global recession looming, too. Representatives from companies such as Motorola, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Insignia, Richard Ellis There are several prominent people named Richard Ellis, including
New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Corporation took part in the survey. Speaking from Belfast, IDRC IDRC International Development Research Centre (Canada) IDRC International Development Research Council IDRC International Disaster Reduction Conference (UNESCO) IDRC International Display Research Conference president Sean McCourt Sean McCourt is a Detroit, Michigan-born American actor. On Broadway, he replaced Andy Taylor in the musical Titanic. He also replaced Dan Wheetman in the musical It Ain't Nothin' But the Blues. said, "The market for real estate users is mixed and as a result the uncertainty of the sector is making accurate predictions difficult. However, the IDRC survey reveals telling aspects of the attitudes of those in corporate real estate right now. Instability and cost issues are predominant amongst corporations, but positively many companies remain fixed on acquiring space and investing in technology, despite the downturn." |
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