X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Economist Joel L. Naroff says the Philadelphia-area real estate markets are well positioned for an economic rebound that will be gradual, which he says, is characteristic of the region. He spoke at a gathering of real estate investors sponsored by locally based Pennsylvania Real Estate Investment Trust.

“Don’t expect super growth,” he says. “Iraq overlays all (local and national) economic forecasts.” The steadiness that is characteristic of this region, he suggests, also spares the area from “collapses.”

Naroff is the head of locally based Naroff Economic Advisors and the chiefeconomist for Commerce Bank.

Once reliant on manufacturing, “we’re now a well diversified region, more so than the nation as a whole,” he explains. “This guards us from big ups and big downs.”

Although vacancy rates for the nine counties Naroff includes in his assessment of the local real estate market rose significantly between second-quarter 2001 and the same quarter this year, he notes “they remain below the peaks reached in the early 1990s.”

Employment growth here “actually exceeds the nation,” he says, adding, “it’s not great, but nobody’s going anywhere.” The unemployment rates, locally and nationally, “are well below the peaks reached in previous recessions.”

“Everything is set up for growth,” he concludes, “except for uncertainty (regarding war with Iraq).” That eventuality, he contends, would delay, but not prevent, recovery.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.