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We've overwhelmed you with forecasts lately, but Harry Dent has a different take on our economic change. We dropped by a CoreNet Global luncheon on Friday at the Time Life Building to hear his prognostications based on demographic trends.
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Harry, center, with CoreNet NY board members: CresaPartner's Marcus Rayner; Cushman's Dale Schlather; Prudential's Kathy Winkler; and chair Paul Darrah. Harry says Baby Boomers brought on a long run of productivity and spending, but Echo Boomers aren't taking up the slack. Result: We'll be in a slump until the early '20s! Real estate won't see bottom until '12 or '13, but now is the time to refinance, restructure, sell what you don't need, and buy low. Focus on Baby and Echo demand in apartment, health care, and vacation homes sectors, and lobby for infrastructure to make New York even more attractive in the rebound.
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M Moser Associates' Maria Lopez and Paola Nanetti with Grubb & Ellis' Alan Lurie and WG Project Management's Annamarie Kovacik. Not only is Alan a managing director, but an ordained rabbi. His new book, Five Minutes on Mondays: Finding Unexpected Purpose, Peace, and Fulfillment at Work, will be published in March (it's based on his sermons at Grubb's weekly staff meetings). Given today's climate, we hope it's a best-seller.
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Plaza Construction's Jennifer Murphy, FXFowle Architects' Gerard Geier, Plaza Construction's Robert Schwartz, and T-Mobile's Allison Siimes. Can you guess Gerard's favorite color? He just finished a LEED Platinum office project for the National Audubon Society, and will wrap SAP America's LEED Platinum HQ this summer. The six-handicapper is also looking forward to warmer weather, when lots of people in real estate seemingly disappear.
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M Moser's Sarah Corcoran, Marsh & McLennan's Desiree Ramos-Martinez, UGL Equis' David Starr, and Marsh's Ashley Riley. Ashley recently moved up here from the Lone Star State, if you couldn't tell from her great Texas twang. New York takes a bit of getting used to, she tells us; hmm, your editor has been here for over 25 years and still concurs.
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AFD Contract Furniture's David Aarons and Valerie Pease with Integrated Building Controls' Michael Casolari and Jessica Crowley. Michael tells us that Integrated is working on Lincoln Center 's mechanical overhaul, which is part of a multi-billion-dollar renovation to make the performance center more publicly accessible.