"There is also real opportunity in Eastern Europe and Beijing is building a new city each year." Last year 2.9 million square meters of new class A space were added. The retail market in Mexico is becoming more attractive to larger retailers including Wal-Mart.

In regards to China, keynote speaker Dr. Peter Linneman of Philadelphia-based Linneman Associates called it "a market in the Middle Ages. They're a century behind, but moving six years at a time. Catching up is easy, moving forward is difficult."

On the national front, Linneman said we have "a very vibrant economy. We're in our third year of GDP growth." He expects job growth to continue this year, predicting the addition of 2.1 million new jobs this year alone. He expects 1.8 million jobs will be added the following year.

Joseph Genovesi of NAI DG Hart, pointed out that the local markets are faring well with steady, stable results. "2005 looks to be a healthy year." One property he is excited about is Xanadu, Mills Corp. and Mack-Cali Realty's $1.3-billion, five-million-sf mixed-use project on the site of the Continental Airlines Arena in East Rutherford, NJ. "Construction hasn't even started and it's 48% leased."