Federal Reserve Bank of New York senior economist and assistant vice president Rae D. Rosen kicked off the discussion with some figures and predictions about the current recession. Namely, that it began in January 2008 and is likely to outlast all other post-war recessions. According to Blue Chip figures, unemployment in the state could top 8%. The good news: look for less of a decline in the second half of this year.

"Pay attention to interest rate spreads," said Rosen. "If they start to narrow it means that lending standards will also relax." Unfortunately, jobs will likely be one of the last sectors to recover.

Phil Lipper, senior managing director at Studley, painted a similar picture. He also compared New Jersey office and industrial rent rates to New York rates. The one silver lining may be that Northern New Jersey rents have remained relatively flat, with class A office space going for $24.84 per square foot in 2001, down only slightly from the current $28.11 price tag. "There wasn't much of a bubble to burst here," Lipper said, adding that the flat line makes it difficult for landlords to turn a profit because real estate taxes have continued to rise.