Recently the president of our national franchise Kevin Maggiacomo of Sperry Van Ness sent an open letter summing up his thoughts and reflections on 2009 and the coming new year. I thought it would be good to share a few of his comments with you as I greatly value his perspectives. As follows:
The Economy At the year’s close, it is apparent that our worst fears for the economy and our industry have thankfully not been realized. Instead of a protracted period of economic malaise, the weight of evidence now shows that the economy returned to modest growth in the third quarter. Temporary employment numbers (a leading indicator of permanent employment conditions) have improved and job losses have eased substantially, narrowing to a small fraction of the cuts reported at the beginning of the year. As anxiety over record job losses has subsided, consumer and business confidence has improved.
Looking forward, the consensus amongst economists and industry leaders calls for measured growth over the next year. Lagging the stabilization in the health of businesses, and barring any unexpected shocks, sustainable job growth is anticipated towards the end of the 2010. This is, of course, welcome news for the commercial real estate industry, since improvements in demand for space depend critically on new jobs replacing the millions that have been lost.
To read the rest Kevin's article go to : http://www.maggiacomoblog.com/new-years-message
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