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TEANECK, NJ-Terming the two-year drought a 'meltdown' and 'unprecedented,' a plan of real estate leaders addressed key issues at IOREBA's Developer's Night.

By Alyson Grala | Updated on March 26, 2010

TEANECK, NJ-”For this industry and the economy, the past 24 months have been unprecedented,” said David Simson of Newmark Knight Frank, moderator of a panel of real estate leaders headlining the Industrial and Office Real Estate Brokers Association’s eighteenth annual Developer’s Night. “We have seen the biggest meltdown in our lifetime.”

What do developers need to do to adjust to these challenging times? One key factor, simply put, is money. “Companies need to have enough to take care of what they already own and to take advantage of investment opportunities as they arise,” said Tom Walsh, principal of Normandy Real Estate Partners. “The REITs are in a good position because they have been able to raise enough money.”

There is indeed money “sitting on the sidelines,” said Jonathan Schultz, managing principal of Onyx Equities LLC. “But it is trying to figure out what to do. The capital markets are trying to determine where the pricing should be,” a factor he attributed to the lack of transactions and the amount of available space. “The greatest challenge is to attract new tenants,” confirmed Todd Anderson, portfolio manager for Hampshire Companies. “Leasing is the name of the game, and it is tough work in this market. The biggest factor out there is the empty space.”

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