WEISS ON DOWNTURN
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|Last time renowned real estate journalist Lois Weiss addressed the National Realty Club's bi-weekly luncheon at the Williams Club,President Obama was giving his inaugural address. So it was fitting that she was behind the podium again yesterday during his UN visit. Lois, here with NRC governors Jeffrey Mitzner of First American Title, Eastern Consolidated’s Alan Miller, and president Tom Graf of NorthMarq, spoke about how this downturn differs from the early '90s, when she first started writing for Real Estate Weekly.|
|She says the only story then was whether Japan was out of the market; now, due to globalization, we have a global run on US real estate. The boom and bust is nothing new, she adds, and it will go higher than it was last time. Despite a lack of spending, concerns about overbuilding and employment, and a consumer mind and goal reset, she's seeing positive signs: Brokers are reporting upswings in activity as pent-up demand and lease expirations are forcing movement; many 100k-SF plus tenants are out looking for space; and tenants under 10k-SF are particularly active, showing that people are creating new companies.|