Market is Jersey Strong, But Headwinds Persist

FLORHAM PARK, NJ-Superstorm Sandy had two effects on the 2012 Marcus & Millichap Investor Symposium: it compelled rescheduling the annual overview of the Garden State market from its original date of Oct. 30, and it figured in the discussion Wednesday morning at the Brooklake Country Club here. The postponement appeared to have little effect on attendance, but it did mean that both the storm and the uncertainty over election results were in the rearview mirror.

More to the point, though, while the outcome of the election is no longer in doubt, panelists cited continued uncertainty over its implications as well as over macroeconomic trends, as did Paul Arena, Marcus & Millichap’s regional research director for the eastern US. “It’s obvious how consumers and businesses could be confused about the direction of the economy,” Arena said.