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Employment Key to Recovery

TEANECK, NJ-The global financial crisis has taken its toll on US employment, but job losses have eased the past few months, a sign for some optimism, according to RealShare New Jersey speakers.

By Alyson Grala | Updated on October 22, 2009

TEANECK, NJ-Amid one of the worst recessions on record, close to 300 real estate executives gathered this morning at the Teaneck Marriott at Glenpoint here to discuss everything from investment and finance to public funding opportunities for sustainable design and construction. Despite the down market, some deals have gotten done, as evidenced by Real Estate New Jersey ‘s commercial broker all stars, who were recognized at the beginning of the conference, following an introduction by Michael Desiato, vice president and global publisher, ALM’s Real Estate Media Group.

Cushman & Wakefield vice chairman Andy Merin and executive vice president David Bernhaut picked up the top sales spot. They completed a total of 27 deals for $969 million between August 2008 and August 2009. Also from Cushman & Wakefield, vice chairmen Robert Donnelly and Marc Rosenberg snagged top leasing honors, by completing 140 deals with a total square footage of 5.6 million.

Despite a dismal employment picture, the downturn paves the way for new production, affirmed Hessam Nadji, managing director, research, at Marcus & Millichap Real Estate Investment Services and RealShare New Jersey‘s keynote speaker. However, the real worry here is the consumer. “In past recessions we didn’t see a significant drop in retail sales, like we have this time around,” he said, adding that a major problem for the economy is consumer debt. “A lot of the focus needs to be on the corporate side. Right now we are just trying to borrow our way out of this mess.”

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