IOREBA DEVELOPER’S NIGHT IS HIGHLIGHTED BY INDUSTRY LEADERS’ DISCUSSION OF STATE OF INDUSTRIAL AND OFFICE REAL ESTATE SECTOR |
|
| SOMERSET, N.J., April 13, 2009 – Industry leaders were cautiously optimistic about the state of the industrial and office real estate sector in the New York metropolitan region during a panel discussion that highlighted IOREBA’s annual Developer’s Night dinner. The event, sponsored by the Industrial and Office Real Estate Brokers Association (IOREBA) of the region encompassing New Jersey, New York, Connecticut and Pennsylvania, celebrates the industry and benefits the association’s scholarship fund for young real estate professionals.
Recognized as the industry’s networking event of the year, the dinner attracted an enthusiastic gathering of approximately 250 brokers, developers, managers and owners to a cocktail hour reception during which 21 major real estate development firms displayed information about their regional projects. The social hour was followed by a dinner and panel discussion featuring Jeff Milanaik of Heller Industrial Parks, Inc., Albert Raymond of G.S. Wilcox & Company and Brian Sekel of National Realty & Development Corp. David Houston of Colliers Houston & Company served as moderator of the panel. While acknowledging that the recession was taking its toll on development in the region, Jeff Milanaik observed that New Jersey appeared to be faring better than other areas. He also expressed the belief that there is money to be invested and that a boost in investor confidence will get it moving. That sentiment was supported by Albert Raymond, who observed that life insurance companies and banks are lenders active in the market. Business is expected to pick up in the third or fourth quarter of the current year, with properties of distressed business owners representing some of the best opportunities. “It was encouraging to see that the struggling economy didn’t put a damper on the festivities,” said IOREBA President David Violette of Colliers Houston & Company. “If anything, there seemed to be an air of cautious optimism for a recovery in the not too distant future. It is also gratifying that our organization and its members are able to make a difference at a time when paying for higher education is placing a greater financial strain on many who can benefit from our scholarship program.” Proceeds from Developer’s Night benefit IOREBA’s Scholarship Fund, which has been supporting the education of young real estate professionals for nearly three decades. The organization awards substantial cash scholarships to undergraduate and graduate students, as well as certificate candidates studying real estate at the Kislak Real Estate School at Monmouth University. Founded in 1927, IOREBA is one of America’s largest regional commercial real estate trade groups. |
