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Optimism and positive momentum sum up Eastern Consolidated's just-released Q1 research report. It states that if enough people think that the worst is over, they will consume more, hire more, and generally take on more risk, which in turn will fuel growth.
Cushman & Wakerfield's Mitchell Arkin, Eastern Consolidated's Peter Hauspurg, Bernstein Real Estate's Alex Bernstein, ABS Real Estate Partners' Steve Hornstock, and Eastern Consolidated's Alan Miller
We snapped Eastern CEO Peter Hauspurg (second from left) and senior director Alan Miller (right) with Cushman & Wakefield's Mitchell Arkin, Bernstein Real Estate's Alex Bernstein, and ABS Real Estate Partners' Steve Hornstock last week. Alan tells us that third-party note sales are becoming more prevalent, as lending institutions come to grips with reality. Other Q1 stats: employment growth was positive, with 37.1k new jobs; commercial real estate sales increased by 63%, bringing Manhattan in line with '01 and ‘02's volume; and more than 1.1M SF of sublease space was removed from Manhattan's office market, which can be a significant indicator of how firms feel about future space needs.