Despite the subprime woes and warnings of a possible recession, many of this week's poll respondents reported a very good year. More than 40% claim 2007 was an excellent year for business, with 39% reporting that it was so-so. Only 18% suffered. Gil Medina, executive managing director of Cushman & Wakefield, New Jersey, states not only that his company had a fantastic year, but that 2008 could be just as good, if not better. Here are his thoughts:
"For us, it has been a very strong year. In fact, it's been the best year we've had in the history of the company's operations in New Jersey.
"There are a couple of ways our business grows. One is through the economy, and New Jersey and the regional economies are doing well. The business climate in the state is positive. Those factors contribute to our doing well, but we also do well by increasing market share. This year, we saw an increase in market share, which is why, in spite of the softening of the national economy and the real estate market, we had a spectacular year.
"For 2008, there are three ways of looking at the glass: It's half empty, it's half full or it's half full but with arsenic, which is a Woody Allen perception of the glass. I view the glass as ¾ full. In spite of all the credit issues and the softening economy, we're going to see economic activity in 2008 that surprises most people, because it won't be quite as soft as some people predict.
"Overall, the real estate industry in New Jersey should have a decent year next year. We're poised to have a good year, not only because did we have a strong 2007, but we also have a very robust pipeline, so we're expecting 2008 to be good."
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