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Charles Sarlo on Last Week's Poll Question

'The sector that continues to suffer the most is the multifamily market.'

By Brianne Harrison | Updated on June 30, 2008

WHICH SECTOR IS GETTING HIT THE HARDEST?

Everyone is suffering in this difficult economy, but some are suffering more than others. In a poll of our readers, 51% say that the retail sector is getting hammered the most. Multifamily and office are almost neck and neck, at 22% and 21% respectively. Only 6% of readers report that the industrial sector is doing the worst. Charles Sarlo, vice president and general counsel for DMR Architects, sees the multifamily market struggling in New Jersey. Here is what he has to say:

“The sector that has been suffering and continues to suffer the most is the multifamily residential market. The whole subprime market has certainly affected developers looking for new opportunities, and property owners still believe they have valuable land. Over the last two to three years. a lot of projects were approved and are still on the boards, but a number of them have not gone forward because of the change in the economic climate and the difficulty getting financing.

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