TOPSY TURVY, FEDERAL RESERVE-Y
|The good news, the recession is likely over. The bad: Unemployment won't be down to 9% until well into 2011. It's always a roller coaster when CoreNet headlines their Maggiano's luncheons with folks from Federal Reserve Bank. We buckled up yesterday for more news from Scott Brave and Rick Mattoon about the upcoming year.|
Scott anticipates a check-mark shaped recession, with the economy recovering at a slower rate than it plummeted. (We're surprised Nike hasn?t branded it the swoosh recession.) Rick said that Illinois and Chicago still haven't really recovered in terms of employment base since the 2001 recession; he anticipates suburban office markets will struggle, as downtown office space becomes cheap enough to compete on price.
The Ruder Group's Diana Brogan, Lynn Irons, and Regus' Julie Mitchell had a little good news of their own. Julie's company just leased a new space in 22 W. Washington in Block 37, where it will house independent office spaces. The 15th floor space is newly refinished and already has surpassed five clients.