At the event, attended by over 300 real estate leaders, Donald P. Eisen of Cushman & Wakefield, Charles Klatskin of Binswanger/Klatskin (formerly the Charles Klatskin Co.) and David T. Houston, Jr. of Colliers Houston held court for one of the most ebullient reviews/forecasts ever presented for New Jersey. In terms of the economy and demographics, addressed by Eisen, the facts were startling. For openers, the workforce is now 4.2 million and growing at 1.1% per year.

Also, New Jersey has the second highest per capita income in the country ( next to Connecticut), and the second highest household worth (next to Maryland). Some 25% of all of New Jersey's households are worth $1 million or more.

Also, New Jersey is home to 3,000 more high-tech companies than Silicon Valley. It also supports $12 billion worth of R&D activity, more than any state in the country. A major portion of that is in the pharmaceutical industry.

On the office market front, reported by Houston, the New Jersey market had a mind-boggling net absorption of more than four million sf last year. There's bound to be a slowdown in 2001, he noted, but even that should remain well above the totals of recent years. Construction is focusing on four markets--Jersey City, of course--as well as Parsippany in Morris County, Bridgewater in Somerset County and Princeton.

On the industrial side, reported by Klatskin, "there is no available space." Prices have risen to the $7 per sf level, and could go as high as $10 per sf by two years from now. New construction is slowed by caution, although the New Jersey Turnpike's Exit 8A region is seeing some spec.

One concern voiced by all: traffic. The consensus was that if something isn't done, the time will come when there are no new construction approvals granted without developers doing something to lessen the impact of the problem.