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Growth Will Moderate, Sky Won't Fall

NEW YORK CITY-CoreNet panelists say economic fundamentals remain strong nationally and in Manhattan, belying fears of recession or Wall Street job losses.

By Paul Bubny | Updated on November 30, 2007

(Read more on the debt and equity markets.)

NEW YORK CITY-Amid fears that the credit crunch could lead to recession as well as large-scale layoffs on Wall Street, commercial real estate experts on a CoreNet New York City panel on Friday took a calmer long-term view. The CoreNet panel was titled “Is the Sky Falling?” and provided evidence that the sky is still intact as far as the real estate industry is concerned.

“Maybe it’s because I’m a lawyer rather than a developer, but I’m more comfortable with a moderate, sustainable rate of growth,” said Robert J. Ivanhoe, chair of the New York office of Greenberg Traurig, which has one of the largest real estate practices in the US. Slow and steady growth is essentially what Ivanhoe and his fellow panelists predicted for the New York market over the years.

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