Economic Outlook with CREW
Members of CREW gathered for lunch at the East Bank Club yesterday to hear the economic outlook from the Federal Reserve Bank's Carl Tannenbaum. We snapped Morningside Equities Mary Ellen Martin telling Standard Parking's Marilyn Brooks and Huck Bouma PC's Jodi Hennigan about her company's new multifamily development in Elmhurst. Marilyn explained how parking is down for people staying at hotels, but more revenue is coming from day business at hotels, such as conferences.
Carl indicated that the economy is making a comeback, but commercial real estate lags behind job growth, which has been slow coming out of the last two recessions. He also says getting a reasonable valuation on a building is hard because nothing is selling because no one is lending. Finally, he reported that his old work friends at the former LaSalle Bank now think he's a regulator causing problems with too much scrutiny, and his current co-workers blame him for causing today's problems. Catch 22 for Carl!