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12/22/04:The latest employment statistics from the White House should come as no surprise. The number of expected new jobs in 2005 has been ratcheted down to 2.1 million from 3.6 million. This is a revision of more than 40%, and it is the third year in a row that the White House has over-projected new employment. But, as I said, it should be no surprise. There are many factors behind this continual sluggish growth including war, fuel prices and higher worker productivity. However, now that the election is over, it would be a great idea if this administration would work with the numbers at hand, not the numbers it used for its campaign. We all understand the need to project an air of confidence, especially during a campaign, but now it is time to get real.
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GMH CAPITAL PARTNERS
(NEWTOWN SQUARE, PA) Gary M. Holloway Jr. hasbeen promoted to president. Holloway, who has been at GMH since1997, most recently served as senior vice president. Also,Rand A. Ginsberg has been promoted to senior vicepresident, moving up from his prior position of vice president ofasset services. He joined the company in 2001.

ARBOR COMMERCIAL MORTGAGE
(UNIONDALE, NY) The firm has appointed BonnieHabyan to senior vice president for marketing, moving herup from her previous position as vice president, marketing. Habyanhas been at Arbor since May.

ADVANCE REALTY GROUP
(BEDMINSTER, NJ) Eric R. Becher has been namedvice president and regional acquisition officer, whileJason R. Bogart has been promoted to vicepresident, leasing, and Renee Rodriguez has beentapped as project director for One Gateway Center in Newark .Becher was previously vice president of acquisitions/capitalmarkets; Bogart and Rodriguez both move up from developmentdirector positions.

ALLEGIANCE REALTY CORP.
(CHARLOTTE, NC) Scott Sambade has been tapped asdirector of acquisitions and finance. Sambade has left his previouspost as investment banker at Carlton Advisory Services. In his newrole, he will focus on acquiring office buildings.

COUNTRYWIDE COMMERCIAL REAL ESTATE FINANCE
(CALABASAS, CA) The firm has appointed JimThompson as senior vice president and JosephGeorge as vice president and senior underwriter. Thompsonmost recently managed the legal, closing and funding process for JPMorgan's CMBS platform. George was most recently vice president atWells Fargo Bank.

GRUBB & ELLIS/BRE COMMERCIAL
(NORTHBROOK, IL) Frank Wright has joined thecompany's office properties division. Wright was previously firstvice president of office properties at CB Richard Ellis' San Diegooffice, where he worked for more than 20 years.

ARBOR COMMERCIAL MORTGAGE
(UNIONDALE, NY) Skip Martinson has been nameddirector at the company. Martinson's background is in commercialmortgages. In his new role, he will be based in Charlotte, NC andwill originate loans throughout the Southeast.

SIGNATURE ASSOCIATES-ONCOR INTERNATIONAL
(SOUTHFIELD, MI) New to the firm is Jay Pollard,who joins the firm's locally based property management team.Pollard has of 14 years of experience working in real estate andlocal government.

SELECTLEADERS

PropertyManager

(MICHIGAN)

Ideal candidate will work withregional manager on budgeting, oversee rent collection, andcommunicate with vendors and contractors in this multifamilyenvironment. He or she will also manage and train on-site staff andmaintain records of management activity.

EQUINOX PARTNERS

SeniorDirector, Real Estate Business Development

(OHIO)

This professional will hold primary responsibility for leadinginternal and external business development and marketing efforts tosell real estate services, which includes calling on clients andmaintaining relationships among targeted national clients. He orshe will also grow client accounts within the Americas .

WESTERN MANAGEMENT CONSULTANTS

SeniorDesign and Construction Executives

(CANADA/DUBAI)

Depending on specific project, program directors and director ofdesign management will work on major resort developments. Programdirectors will approve overall construction strategy and appointexternal professional project management companies. Director ofdesign management will develop design guidelines and appoint andmanage external design consultants.

CASSIDY & PINKARD

FinancialAnalyst

(WASHINGTON, DC)

Suitable applicant will a nalyze and evaluate rent rolls andproperties' operating statements as well as prepare pro-formastatements and projections and discounted cash flow analyses forvarious income-producing properties. He or she will also research,analyze and evaluate market feasibility for various real estatetransactions.

GE REAL ESTATE

AssociateDirector

(UNITED STATES)

Company will appointprofessional who can assist originators in screening loansubmission packages for CMBS and structured finance loans, provideanalytical and financial analysis support and conduct due diligenceand underwriting support for loan origination team. He or she mustalso work with originators to process deals from termsheet/application through loan approval and closing.

ROCKWOOD REALTY ASSOCIATES

VicePresident of Research

(NEW YORK)

This position requires assisting director of research inmanaging a small staff, overseeing production of economic,demographic and real estate leasing market forecasts, as well asproperty investment market analyses to support underwritingassumptions and valuation of real property assets. He or she willalso collaborate on research for internal and/or clientconsumption.

CHEROKEE INVESTMENT PARTNERS

RealEstate Investment Analyst

(COLORADO & NORTH CAROLINA)

Using experience in real estate,finance or consulting, appropriate candidates in either Denver orRaleigh, NC offices will work with colleagues in those locationsand London on all aspects of the investment decision-makingprocess, including financial modeling, due diligence, siteinspection, and asset management.

SELECTLEADERS

CommercialReal Estate Sales Professional

(NEW YORK)

Ideal candidate will solicit, generate, and close loans whilealso establishing and maintaining relationships with existingbusiness partners and continually initiating new sources ofbusiness. He or she will promote and sell mortgage products andservices.

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