PRINCETON, NJ, November 26, 2012 – In his latest white paper, “Real Estate Recovery is all About Job Growth,” NAI Global Chief Economist, Dr. Peter Linneman, outlines that without a robust job recovery, the real estate market will continue to be slow to recover. He states, “After peaking in October 2009 at 10% (revised), the U.S.unemployment rate stood at 7.8% at the end of September 2012, primarily due to 100,000 people leaving the labor force since June. Instead of a robust recovery spurred by the largest peacetime federal spending increase, the economy limps forward under the burdens of excessive government spending and regulatory incursions.”
He also cites, “The single most important indicator for real estate is the proportion of lost jobs that has been recovered to date. This is because at the beginning of the recession, almost all property sectors were in balance. As the recession set in, we lost 8.8
million jobs, and only as these jobs are recovered will real estate space demand approach 2008 levels.”
“Thus far, the U.S. has recovered 48.5% of Payroll Survey jobs and 58% of Household Survey jobs, leaving us 16
million jobs (1.9 standard deviations) below the historical growth trend. The U.S. added just 437,000 jobs over the last three months, a pace which is in line with the tepid 1.8 million jobs gained over the trailing 12 months through September. At the current pace, we will not recover all lost jobs until 2015.”
The white paper also addresses the health of the U.S. real estate recovery being tied to the strength and timing of the nation’s macroeconomic recovery and cites “the best news is that single-family and multifamily housing starts finally are on a clear ascent.”
A PDF of the white paper can be downloaded here:
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 350 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
The famous Hilton Chicago on Miracle Mile was the spot where more than 950 attendees gathered recently for the annual CREW Network Convention. The Hilton Chicago is the largest total meeting and event space of any Chicago hotel (see Grand Ballroom pictured during one of the Networking Lunch programs). The event kicked off with meetings and tours of Chicago on Wednesday, October 24 and the day ended with a well-attended Network Marketplace & Welcome Reception. Thursday and Friday featured keynote speakers were Sheena Iyengar, author of The Art of Choosing and professor at Columbia Business School, and Jim Collins, author of numerous books including the best-seller, Good to Great. The theme of the convention was Choices. Every day we make choices that impact our careers, families and communities. As with anything, knowledge gives us the power to make informed choices.
A highlight of the convention is always the CREW Network Foundation Silent Auction & Reception. Patricia Faulkner, SVP, Client Development with NAI Global, this year chaired the Auction & Special Events Committee, which coordinated the Silent Auction and Jade Mountain V acation give away. (Many thanks to all of the NAI Members who purchase tickets during the Fall Leadership Meeting!). Patricia toasted and welcomed attendees to the silent auction (pictured above with Gail Ayers, Ph.D., CREW Network CEO). The committee raised more than $72,000 for The Foundation through their efforts. The proceeds will go to The Foundation Scholarship Program.
Other NAI attendees included Jolie Schooler, NAI REOC Austin, as well as Barbara Hokel, NAI Ruhl & Ruhl, West Des Moines, who this year successfully formed the CREW Iowa Chapter.
Founded in 1989, CREW Network is the industry’s premier business networking organization dedicated to advancing the achievements of women in commercial real estate. The 8,000 members represent nearly every discipline within the industry and are located in 76 major markets across North America.
Expo Real was a resounding success for NAI Global. From pre-arranged meetings with existing clients and prospects, to developing relationships with new contacts, it was always busy at the NAI Global stand.
EXPO REAL 2012 finished on a high note.
Participating were approximately 1,700 exhibitors. EXPO REAL 2012 also reported a rise in the number of participants in this 15th International Trade Fair for Commercial Property and Investment – to a total of 38,000, up by 1,000 on 2011.
EXPO REAL is all about meeting contacts; not just across Europe but globally too. It’s also a great place to spend quality time with our European colleagues.
The market in Germany and its neighboring countries in Central Europe proved to be a particular attraction. Visitors to NAI Global’s stand, from the host country and around the world, were particularly interested in its investment services capability alongside strategic property consultancy and brokerage services. Environmental sustainability was also a hot topic, with energy efficiency a key driver for occupiers, investors and developers alike.
NAI Global’s membership were represented by Executive Vice President, Rhyne Brown and Senior Vice President, Tim Buss of the NAI Global Special Asset Solutions team at the Information Management Network (IMN) meeting in Chicago on October 9 – 10. The event – Bank & Financial Institutions Special Assets – Executive Conference on Real Estate Workouts was attended by over 350 real estate professionals representing Banks, Federal Agencies, Attorneys, Special Servicers and industry service providers. Tim Buss moderated a panel discussion on current macroeconomic issues affecting commercial real estate. In addition to NAI Global a strong contingent from NAI Farbman attended, including Andy Farbman, Todd Szymcak, and Michael Kalil. The general feeling of the attendees is we are about half way through the repositioning of the severely distressed commercial real estate cycle in the United States. Most see 2013 as a year of slow economic recovery with a wary eye on Europe and increased federal regulations taking effect resulting from new regulations stemming from the Dodd-Frank amendments. Special recognition and appreciation is extended to NAI Farbman for hosting a dinner for over twenty attendees, including five members of the C-III Asset Services group based in their Chicago office as well as attendees from Wells Fargo, US Bank and others. Rhyne, Tim and the NAI Special Assets Solution Group see ongoing opportunities for the network in 2013 to help the United States in its economic recovery.
NAI Global, the premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, announces its expansion of coverage into the Commonwealth of Puerto Rico, with the addition of NAI Puerto Rico.
Headquartered in San Juan, NAI Puerto Rico is a full-service commercial firm offering a complete range of real estate services including tenant representation, marketing research, location consulting, project management, lease renewals/restructures and acquisitions/dispositions
NAI Puerto Rico was founded by Hector J. Aponte SIOR, an industry veteran with over 15 years of experience in the commercial real estate industry. Hector has completed a wide array of major real estate transactions in Puerto Rico, for private and government clients such as Bayer, Sanofi, Publicis, ConAgra Foods, WPP, CSA Group, Marsh & McLennan, Starbucks Coffee, U.S. Army, IRS, and the EPA.
“By joining NAI, we are expanding our capabilities and resources to many international markets; this will definitely boost our services and will keep us on top,” said NAI Business Director, Mr. Hector J. Aponte. “NAI gives us new technology, tools, shared resources, marketing, and access to over 350 offices worldwide, which will enable us to develop new opportunities for clients looking for extensive representation or international resources.”
“This is a key market for us, especially for our corporate and investor clients seeking to take advantage of the commonwealth’s attractive tax policies,” said NAI Global President, Jeffrey Finn. “With Hector and his team at NAI Puerto Rico, we now have some of the best real estate experts in that region to serve our clients. I am excited about our new partnership and look forward to working together in the coming months and years.”
NAI Global is among the largest commercial real estate services organizations in the world, comprising 5,000+ professionals in 55 countries in more than 350 offices. NAI advisors such as NAI Puerto Rico work in tandem with its global management team to ensure clients strategically optimize their real estate assets. NAI offices complete over $45 billion in combined transactions annually and manage over 300 million square feet of commercial space.
NAI Puerto Rico is located at Ponce de Leon Avenue #1072, San Juan 00928
About NAI Global
NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com. Follow us on Twitter (@NAIGlobal) and Facebook.