Midwest Real Estate News November December 09 : Page 4

4 Midwest Real Estate News® November/December 2009 midwest ® WWW.REJOURNALS.COM Publisher | Mark Menzies menzies@rejournals.com Associate Publisher | Jay Kodytek jkodytek@rejournals.com Editor | Dan Rafter danrafter@sbcglobal.net Production | Phil Lonergan plonergan@rejournals.com Circulation | Penny Bernal bernal@lbpc.com Marketing Coordinator | Frank Biondo fbiondo@rejournals.com ConferenceManager | Stephanie Awe sawe@rejournals.com MidwestRealEstateNewsbrings realestateleaderstogetherto explorethechallengesand opportunitiesuniquetotheirmarkets. You’re supposed to take a moment to reflect whenever a year comes to its end. To be honest, though, I’d rather not look back on 2009. Let’s face it: This year was a pretty lousy one. Let’s just look at late October. I spent an entire afternoon — four hours worth of it, at least—waiting in line out- side my local high school in the hopes of snagging an H1N1 shot, better known as the swine flu vaccine, for my two sons. Unfortunately, the line of cars wait- ing to get into the parking lot stretched for three miles. It took me an hour-and- a-half just to park. I then had to wait three more hours in line, only to be told that the vaccines had all been used up. What can you do? I’d have to come back the following week and try again. And I’m far from alone. Nervous parents across the country lined up with REAL ESTATE NEWS® TheMidwest’scommercial realestatepublication,providing useful,unbiasedandaccurate coverageoftheindustryand itsprofessionalssince1985. FROM THE EDITOR A grim year comes to an end their own kids. That includes the little kids, like my youngest son who’s only 2. You can bet that he didn’t enjoy the four-hour wait for nothing. And you can bet he wasn’t shy about telling me and everyone in line around me, too. Of course, I’m really rather fortu- nate. No one in my family is sick. And few people I know have lost their jobs. I have my job, too, and I’m paying the bills. I haven’t lost my house. I’m not falling behind on my mortgage pay- ments. According to most estimates, the recession is finally over. It just doesn’t feel that way. Maybe that’s because un- employment is still sky-high. In fact, as I’m writing this editorial, I’m listening to the news that the national unemploy- ment rate has just gone over 10 percent. It’s hard to feel that times are getting better when so many people are out of work. That brings me to commercial real estate. Last year was a horrid one for the industry. Retail, office and industrial tanked. Financing was nearly impossi- ble to come by. Even healthcare con- struction, the darling of the industry, started floundering. Where does it leave us? Most peo- ple think 2010 will be a better year for the economy as a whole. And there are some signs of that. Most notably, hous- ing sales, as measured by the National Association of Realtors, have been going up. That’s great news for the economy. Unfortunately,while the coming year might be a better one for the country as a whole, it’s almost certainly going to be another trying 12 months for the com- mercial real estate industry. The com- mercial pros whom I’ve talked to while putting this issue together have all told me that they’re gearing up for what they are saying will be an incredibly tough year for commercial real estate. It takes commercial real estate longer to fall into a big slump, but it also takes the indus- try longer to dig its way out. The advice from everyone, then, is simple: Survive the next year to year- and-a-half. Things should then start get- ting better in this industry. That may not sound like much to hold onto, but it is something. This is the season of hope, after all. So let’s hope that maybe, just maybe, the gloom and doomis wrong. Let’s hope that 2010 will provide us with at least a few glimmers of hope. www.rejournals.com CHICAGO OFFICE 415 N. State Street Chicago, IL 60654 • 312-416-1860 MINNEAPOLIS OFFICE 5353 Wazata Blvd., Suite 307 Minneapolis, MN 55416 • 952-885-0815 MidwestReal EstateNews®(ISSN0893-2719) is published bimonthly by Real Estate Communications Group, a divi- sion of LawBulletin Publishing Company, 415 N. State St., Chicago, IL 60654 (rejournals.com). Current and back issues and additional resources, including subscription request forms and an editorial calendar, are available on the internet at rejournals.com. Subscriptions:WithinU.S.: 1 year, $60; 2 years, $100. Outside U.S. (surface mail): 1 year, $75. 2 years, $128; (air mail) 1 year, $115; 2 years, $208. Single copies, $10.00. Subscription information: PennyBernal,415N. State St.,Chicago, IL60654. 312-644- 2394. ©2009 Law Bulletin Publishing Company. Member of American Business Media and BPA International.

From The Editor

A grim year comes to an end<br /> <br /> You’re supposed to take a moment to reflect whenever a year comes to its end. To be honest, though, I’d rather not look back on 2009.<br /> <br /> Let’s face it: This year was a pretty lousy one.<br /> <br /> Let’s just look at late October. I spent an entire afternoon — four hours worth of it, at least—waiting in line outside my local high school in the hopes of snagging an H1N1 shot, better known as the swine flu vaccine, for my two sons. Unfortunately, the line of cars waiting to get into the parking lot stretched for three miles. It took me an hour-anda- half just to park. I then had to wait three more hours in line, only to be told that the vaccines had all been used up.<br /> <br /> What can you do? I’d have to come back the following week and try again.<br /> <br /> And I’m far from alone. Nervous parents across the country lined up with their own kids. That includes the little kids, like my youngest son who’s only<br /> <br /> 2. You can bet that he didn’t enjoy the four-hour wait for nothing. And you can bet he wasn’t shy about telling me and everyone in line around me, too.<br /> <br /> Of course, I’m really rather fortunate.<br /> <br /> No one in my family is sick. And few people I know have lost their jobs. I have my job, too, and I’m paying the bills. I haven’t lost my house. I’m not falling behind on my mortgage payments.<br /> <br /> According to most estimates, the recession is finally over. It just doesn’t feel that way. Maybe that’s because unemployment is still sky-high. In fact, as I’m writing this editorial, I’m listening to the news that the national unemployment rate has just gone over 10 percent.<br /> <br /> It’s hard to feel that times are getting better when so many people are out of work.<br /> <br /> That brings me to commercial real estate. Last year was a horrid one for the industry. Retail, office and industrial tanked. Financing was nearly impossible to come by. Even healthcare construction, the darling of the industry, started floundering.<br /> <br /> Where does it leave us? Most people think 2010 will be a better year for the economy as a whole. And there are some signs of that. Most notably, housing sales, as measured by the National Association of Realtors, have been going up. That’s great news for the economy.<br /> <br /> Unfortunately, while the coming year might be a better one for the country as a whole, it’s almost certainly going to be another trying 12 months for the commercial real estate industry. The commercial pros whom I’ve talked to while putting this issue together have all told me that they’re gearing up for what they are saying will be an incredibly tough year for commercial real estate. It takes commercial real estate longer to fall into a big slump, but it also takes the industry longer to dig its way out.<br /> <br /> The advice from everyone, then, is simple: Survive the next year to yearand- a-half. Things should then start getting better in this industry.<br /> <br /> That may not sound like much to hold onto, but it is something. This is the season of hope, after all. So let’s hope that maybe, just maybe, the gloom and doom is wrong. Let’s hope that 2010 will provide us with at least a few glimmers of hope.

Hoosier Energy

 

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