Spent
I am a photography buff and have always been a photo gadget junkie, rushing out to pick up the latest model Canon camera with 18 billion pixels (when my current camera’s 10 million will do just fine). This weekend I saw an ad for a super slick new model, but alas, I rationalized that my current camera will be more than adequate for years to come. Coincidentally, on Sunday I picked up a copy of the New York Times and read David Leonhardt’s article: “We’re Spent.” Leonhardt argues that the economy’s inability to shake the Great Recession is due largely to the burst of the consumer bubble. We are in an era when the consumer will make do with less and not purchase the new car or stove (or camera) every few years--and forget about impulse purchases. Consumers are no longer living on debt and have begun the long march to the recovery of savings and security. If this holds true, and as I reflect on the domino effect of the end of the consumer economy, I can’t help but feel that the impact on real estate will be profound. Eventually we’ll need less of everything, and that translates to smaller retail stores, fewer warehouse distribution centers, fewer new homes--and who will need self storage facilities? And so on and so forth. On reflection, maybe I should go out and buy that camera.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

TOLL BROTHERS, INC.
Multi-Family Development Executive
(HORSHAM, PA) The development executive will be responsible for overseeing ground-up development of multi-family properties; building and maintaining strong relationships with brokers, banks, and financial institutions to continue building the development pipeline; executing strategic plans and maintaining annual budgets for each investment; and leading a team of professionals by setting team goals and objectives while monitoring performance; among other duties.

MARCUS & MILLICHAP
Sales Manager
(SAN DIEGO) Marcus & Millichap seeks seasoned managers within the commercial real estate sector, professionals who possess a track record of success at the transactional level and the management level. We prefer degreed professionals with seven to 10 years of relevant sales and management experience in the industry. A consultative and collaborative management approach is preferred. Specific experience identifying and recruiting new associates and experienced agents is required.