By Joseph R. Ridolfi,
As the world turns, the question on everyone’s mind is…Which direction is the economy headed, North or South, and when will we return to prosperity again? That’s the question.
Well, as we enter the last quarter of 2011, the international, national, and local economies around the world continue to be a weak mixed bag of activity in certain locales and industry sectors.
The economists tell us that the various economies around the world are all interrelated. For example, the unrest in the Middle East affects the price of gas and oil to our consumers in the U.S.; fluctuations in the stock exchanges around the world affect our markets here; continued high unemployment levels across the country with a number of states severely impacted more than others and the record level of real estate foreclosures continues to climb to epic proportions nationally. All these negative factors and other forces at work continue to stagnate the United States and the global economy.
Additionally, government is also attempting to reinvent itself by reducing the government work force at all levels, reduce the number of employees, including their wages and benefit packages.
These initiatives will result in reduced services. Presently, New Jersey, Pennsylvania, and Connecticut in the northeast are experiencing shortfalls in revenue to operate government at all state and local levels while also attempting to stabilize the tax base, a mammoth task with all these and other negative factors affecting today’s economic vitality.
One of the bright spots is the Health Care industry in general. It continues to expand operations into suburban locations to follow their patients’ relocation from the cities that will ultimately require their services. With the graying of the population, people are living longer and health care is a primary concern of everyone.
Also, the advent of the internet, computers, cellular phones, I phones, IPods, smart phones, flat screen TVs and the like have revolutionized the electronic industry around the world and the way corporations, industries and individuals alike do business every day. Electronic gadgets today are selling quite well in a so-called down economy.
The residential real estate market in the local region continues to be sluggish, while the commercial real estate market in the central New Jersey region is showing signs of increased activity.
There are a number of good commercial and investment properties available at attractive prices on the market creating a good opportunity for entrepreneurs to purchase or lease for their operations.
Retailers continue to actively seek prime high profile commercial real estate locations for their operations to enhance their market share at attractive prices.
Investors are also diligently pursuing investment properties with a good cash flow. Developers are also actively seeking sites for banks, pharmacies, restaurants, and food chains, to name a few.
In conclusion, although the economy has a long way to go to rebound to a greater level of economic prosperity, the local economy is showing some early signs with some degree of recovery that hopefully will continue and benefit everyone in the region.
Joseph R. Ridolfi & Associates is a 40 year old commercial real estate company specializing in the sales, leasing, tenant representation, investment properties, and development land sites of commercial, office and industrial properties in the central New Jersey commercial real estate marketplace.
For comments or questions, the writer, Joseph R. Ridolfi, broker/owner, can be reached at 609.581.4848 or email firstname.lastname@example.org.
Joseph R. Ridolfi & Associates. 1245 Whitehorse-Mercerville Road, Suite 402, Hamilton. 609-581-4848. Fax: 609-581-5511. www.ridolifi-associates.com