Report: property managers upbeat.The worst is over for the regions' real estate industry, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a leading group of New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. professional property managers. The survey, conducted by the Greater New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Chapter No. 26 of the Institute of Real Estate Management This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. (IREM IREM Institute of Real Estate Management (Chicago, Illinois) IREM Institute of Real Estate Managers IREM Integrated Research, Evaluation, and System Analysis Model IREM Infra-Red Emission Microscopy ), is the only one of its kind that measures the opinions of property managers in the New York area. The results of the survey revealed that IREM members are currently optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the area real estate market. Among the respondents, 62 percent felt the region's real estate market would improve, while 27 thought it would remain the same. Only 11 percent thought it would worsen. "Despite the current negatives in the economy, the survey seems to indicate that our members are looking beyond the short term to a realistic market recovery," said Hilary Becker, president of Greater New York Chapter No. 26. "We're encouraged that the people who deal with the day-to-day realities of the real estate industry see that a recovery is at hand. "Property managers -- perhaps more than developers and brokers--are in the best position to take the pulse of the real estate market. It is they who contend with the nuts and bolts nuts and bolts pl.n. Slang The basic working components or practical aspects: "[proposing] management of property including operating budgets, rent collection and building maintenance," Becker said. As to how 1993 will affect their bottom lines, IREM members thought their firms' financial outlook would brighten bright·en tr. & intr.v. bright·ened, bright·en·ing, bright·ens To make or become bright or brighter. bright -- with 52 percent envisioning slight improvement and 13 percent, great improvement. Eighteen percent said business would remain as is; 16 percent thought it would drop slightly; and one percent said it would drop sharply. When asked whether rental rates and property prices would rise in 1993, 49 percent of respondents said they would remain "as is." Forty-two percent expected a slight increase. No one anticipated a sharp rise in rents or prices. IREM members were nearly evenly divided on whether tenants leaving Manhanan for suburban locations is a trend. While 25 percent considered it significant and 21 percent believed it was a definite trend, 29 percent viewed it as minor and 25 percent said it was not a major factor at all. All in all, "rising costs" figured foremost in the minds of building managers. This factor was cited most frequently by IREM members, followed by concern over "unleased space" and the negative effects of the current "tax law." In terms of severity, unleased space ranked as their biggest worry. Rising costs was second, and the tax law, third. |
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