Uncertainty marks industry outlook.Residential and commercial trends and some stern words about war from Dr. Henry Kissinger shared the menu of scrambled eggs scram·bled eggs pl.n. 1. Eggs with the yolks and whites beaten together and cooked to a firm but soft consistency. 2. Slang The gold braid worn on the bill of the cap of a field-grade officer in the armed services. at the 2003 Insignia Market Forecast Breakfast at the Marriott Marquis. "There is certain to be war," said Kissinger, "unless Saddam Hussein Saddam Hussein (born April 28, 1937, Tikrit, Iraq—died Dec. 30, 2006, Baghdad) President of Iraq (1979–2003). He joined the Ba'th Party in 1957. Following participation in a failed attempt to assassinate Iraqi Pres. releases his weapons or leaves office. We are living in a world of multiple dangers. And the United States needs to make a better case against Iraq with the United Nations. We also must be concerned with North Korea. They have the capability of producing nuclear weapons like sausages." The certainty of war was mirrored by the opposite feeling in the real estate community. "There is uncertainty," said John Powers, vice chairman of Insignia/ESG. "Will there be a war and will it be over quickly or be a protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. battle. Sept. 11 altered the world and there is now an emotional and economic tax in New York City New York City: see New York, city. 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. . The office market, which is the best business indicator, is down significantly. Even though the economy grew 3.5% in the last five quarters, there has been a job loss of over 1 million employees. Add to the fact that terrorism and insurance costs are up and there is a corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. crisis. One notable fact was that the midtown Manhattan office market experienced its first year With less than 10 million SF of leasing activity since 1991; transacting 9.56 million SF for 2002. This total was off by 37% from 15.26 million in 2001 and 47% lower than the record high of 18.15 million SF in 2000. More upbeat was Geoffrey Wharton. "The residential market remains stable," said Wharton, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Insignia Douglas Elliman. "The low end is showing strength and smaller apartments are driving the market. Studio and 1-bedroom apartments are accounting for over 50% of sales in the residential market. The trend toward smaller apartments has been occurring quarterly over the past two years. The average apartment has dropped 15.8% to 1,209 SF from the same quarter two years ago when the average apt was 1,437 SF." Among the closing comments from Kissinger was his disappointment in NATO NATO: see North Atlantic Treaty Organization. NATO in full North Atlantic Treaty Organization International military alliance created to defend western Europe against a possible Soviet invasion. and his opinion that the Iraq conflict is not a partisan issue. His comments provoked loud applause from much of the assembled audience. |
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