Economy Still Unstable?

By Elena Gontar

Given the industry’s current slump and the declining economy, any major real estate deal is particularly promising. In the last few months there have been quite a few of those. In view of the turbulent state of the market as of late, the latest leases and sales could provide some hope that a recovery is nearing. On the other hand, as the economy remains in the slump and continues to demonstrate evidence of instability, can occupancy across major sectors reverse its recent downturn? Is there likely to be a large-scale recovery anytime soon? May we dare to hope?
Also, as the difficult economic times continue, the unemployment rate keeps on the increase. However, when I was still working at Commercial Property News, new-hire announcements used to hit my inbox every day, and I had to write news briefs for CPN’s People on the Move section on an almost daily basis. One thing that has caught my attention is that many firms were busy tapping new managing directors, senior vice presidents and other high-level executive positions. As the nationwide unemployment rate continues to march upward, will real estate firms continue to make new executive hires? Or could the employment slowdown reach the upper management levels?

Elena Gontar is a real estate writer in Brooklyn. She can be reached at elenagontar@gmail.com.
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