Kent Swig

My Thoughts.

REBNY Crossfire Panel

REBNY Panel Group Photo March 2011

Left to right: Paul J. Massey, Jr. (Massey Knakal), Robert Selsam (Boston Properties), Kent Swig (Swig Equities), Moderators, Rick Marek (Vortex Group) and Steve Durels (SL Green); bottom row: Brian Waterman (Newmark Knight Frank), Josh Kuriloff (Cushman & Wakefield), William Elder (RXR Realty) and George Constantin (Heritage Realty)

On March 16th, I had the honor of joining esteemed real estate colleagues of mine on the Real Estate Board of New York Crossfire Panel entitled “How to Recognize a  Real Estate Recovery”.

Other panelists included Robert Selsam, EVP of Boston Properties, George Constantin, President and CEO of Hertiage Realty Services, William Elder, Executive Vice President of RXR Realty LLC, Paul Massey Jr of Massey Knakal, and others. The event gave REBNY members a chance to partake in an informed discussion about the real estate market during the current financial recovery. One of the questions asked by a most attentive audience was if New York City is currently experiencing an economic recovery. In my answer, I pointed out, that a key indicator for this recovery is income. While unemployment is usually the critical indicator for a recession and job growth for a recovery, New York’s recent recession did not cause as many job losses as previous recessions. Rather, New York was particularly hard hit by the loss of income by those who kept their jobs. Thus, this recession showed a low level of connectivity between layoffs and financial recession. Income, on the other hand, dropped quite dramatically, and is now finally showing signs of recovery.  As incomes come back, growth should pick up which will mean that the tenants will begin to return to the market.

As a topic close to my heart, I was also given the opportunity to discuss FiDi, the Financial District of New York, an area on which I have focused over many years; and even coined the term FiDi several years ago. When discussing neighborhoods to watch, as far as I am concerned, FiDi is the one. As I said at the event, FiDi leads the way in many demographics including being the fastest growing residential neighborhood in New York as well as boasting the population with the highest education and income per capita per zip code in the United States. Also, the FiDi area is the beneficiary of an entirely and newly developed transportation system.

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Written by swigeq

April 7, 2011 at 8:23 am

Posted in real estate

Tagged with , ,

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