For starters, said Mark Levy, VP and market officer for ProLogis, the subprime crisis has been overblown in the media. The lending situation is bad, he acknowledged--but not to the pervasive extent that it has been portrayed. "I am more concerned about the perception of the situation than its reality," he said during the keynote panel discussion.
"People don't know what to believe," Herb Mansinne, managing director of Jones Lang LaSalle, also a panelist, said. "I think a lot of us are getting psychological whiplash following events."
Still, though, even if the national economy slips into recession, Mansinne noted that Northern Virginia may very well stay in the black. "When the country was last in recession in 2002, Northern Virginia was not."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
