Of course, as a real estate owner, I should mention that despite our concerns about the liquidity crisis, there are some positive signs on the local level regarding commercial leasing. After a fairly anemic first quarter, there has been considerable pickup over the past few months, with leases being signed and prospective tenants returning to the marketplace. However, there has not been significant sales activity.
We are at a critical juncture wherein government must continue to take the necessary steps to restore liquidity to the credit markets and create an environment conducive for business and investors to invest and deploy capital.
The commercial real estate industry has a historic opportunity to come together now around a common set of proposals and work together with government officials and industry organizations, such as the Real Estate Roundtable and Real Estate Board of New York, to address the liquidity crisis before it has a negative impact on the economic recovery.