LOS ANGELES—Jobs and economic uncertainty were the buzzwords ofthe morning at the RealShare Apartments 2012conference, taking place here today. More than 1,700 attendeesgathered at the Westin Bonaventure Hotel to hear dozens of industryexperts give their thoughts on the state of the multifamilymarket.

After a brief welcome from Michael Desiato, VP and grouppublisher of ALM’s Real Estate Media Group, HessamNadji took the stage to deliver a special presentation, “CanApartments Withstand the Economic Headwinds?” the Marcus& Millichap SVP and managing director noted that theorganic strength of economy—both corporate and consumer spending—isbeing held back by political uncertainty. But, he added, thefoundation of economy in better shape. The US added 1.8 millionjobs between September 2011 and Septeber 2012, though unfortunatelythe headlines were dominated by the debt and housing crises.

Demand is high and multifamily developers are ready to build,said Nadji, but equity for development is still very cautious andnot readily available. “I don't think overbuilding is going to be aproblem through 2014,” he said. Homebuying’s making a comeback aswell, though he indicated it wouldn’t cause as much pressure on therental market as it did in the last cycle. “There's enough demandfor all types of housing.”