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David Houston on Last Week's Poll

'The key to the market is going to be the national economy.'

By Brianne Harrison | Updated on January 04, 2008

WHAT’S THE BIGGEST ISSUE FACING NEW JERSEY COMMERCIAL REAL ESTATE?

With economists warning of a recession, it’s hardly surprising that half of this week’s poll respondents cited the economy as the major issue facing New Jersey real estate. Not far behind, at 41%, is government and legal matters. A scant 10% believe something else will be the major issue. David Houston, president of Colliers Houston in Teaneck, buys in to the majority opinion. Here are his thoughts:

“It’s very simple. There’s one issue: Is the economy going to go into recession or not? On the office side, it’s all about creating jobs, and we’ve done a very poor job of that in the past few years. Joe Seneca and Jim Hughes [of Rutgers University's Bloustein School for Planning and Public Policy] have a report out about that, which shows that we have had an outward migration of 70,000 people this year. That’s the highest in the country, and unless we can create jobs, and obviously a recession does not create jobs, the office market is going to stay right where it is. Office vacancy rates have been almost unchanged for five years.

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