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Wall Street's Wild Ride Starting to Have Impact

NEW YORK CITY-While one executive tells GlobeSt.com brokers aren't always the best judges of the economy and its impact, he is not alone in noticing things have gotten a little more quiet in real estate.

By Amy Vaughn | Updated on March 26, 2001

NEW YORK CITY-The reviews of the current economic climate are mixed, some calling it a slowdown or market correction and others saying the recession is here. In real estate, for the most part, experts have insisted over the last few months that the impact isn’t hitting the market. Now, the tune is shifting and while there is still faith in the industry’s ability to weather the storm, it is becoming more challenging.

“There are peaks and valleys,” says Paul Cohen, executive vice president of SBWE Inc. This has become a refrain in the industry when discussing the carnage on Wall Street. SBWE focuses on the industrial sector and Cohen says, “Industrial has made it through major recessions in the past and I don’t think now we’re going to see people turning buildings back to banks like the last recession.”

He does say he’s seeing more sublets. “In areas such as central and northern New Jersey, more sublet space is becoming available. For example, near New Jersey Turnpike Exit 8A, there are two million sf under construction that was planned during the pent up market,” but with current conditions, this could add significantly to availabilities.

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