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Hurdles Still Abound for Commercial Real Estate

NEW BRUNSWICK, NJ-Despite a disheartening employment picture, coupled with major asset devaluation, we should start to see some economic expansion in the coming years, according to a trio of commercial real estate leaders.

By Alyson Grala | Updated on October 01, 2009

NEW BRUNSWICK, NJ-Even in turbulent economic times, there are opportunities for success in commercial real estate and business in general. Three industry leaders discussed the issues, focusing on “what keeps you awake at night,” and offered their insights and suggestions for getting a good night’s sleep during yesterday’s NAIOP-NJ Chapter Meeting, held at the Heldrich Hotel here.

Moderator Peter Cocoziello, president and CEO of Advance Realty Group, kicked things off by referencing Rutgers University’s newly released recession report, which sites a loss of more than seven million private sector jobs nationwide over the course of the past 20 months. For its part, the Garden State is down 148,000 jobs in just two years.

What’s more, the report predicts it will take around 7.6 years for employment levels to return to post-recession numbers. “This means we will not recoup these jobs until 2017,” said Cocoziello. “As a result, we will likely see a reduction in our standard of living.”

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