An industry panel expressed cautious optimism when discussing the commercial real estate outlook for the year ahead.
More than 160 people attended the Commercial Industrial Brokers Society of Long Island’s 2023 State of the Industry event last week in Melville. The event featured a panel that included David Hercman, director of Asset Management at Milvado Property Group; Robert Kent, executive vice president and partner at Tritec; Craig Weiss, president of T. Weiss Realty; Kyle Crennan, managing director with JLL; Paul Leone, senior vice president at CBRE; and Melissa Naeder, senior director for Cushman & Wakefield. The panel was moderated by Peter Curry of Farrell Fritz, P.C.
The panel discussed trends and predictions for the industrial, office, retail, and multifamily sectors.
“The industry is approaching 2023 with cautious optimism,” CIBS Co-President Ted Stratigos, managing director and principal at Avison Young, said. “While some sectors continue to face challenges, our region has always been resilient. The retail and industrial sectors remain strong and we are all too familiar with the need for multifamily housing.”
The conversation focused on current market conditions, regional projects and the obstacles of doing business on Long Island.
“The commercial real estate industry faces many of the challenges other industries on Long Island do,” Curry said. “With the uncertain economic forecasts for the year ahead, the experts on the panel were quick to note the industry’s ability and history in outperforming other markets.”
Last month, CIBS announced its new slate of executive board members, including two members selected to serve as co-presidents, David Pennetta, two-time past CIBS president and Cushman & Wakefield executive managing director and Ted Stratigos, managing director and principal at Avision Young.
Other executive officers for CIBS include Ralph Benzakein of Cresa Long Island, who will serve as vice president; Melissa Naeder of Cushman & Wakefield, who’ll serve as treasurer; Leo Farrell of Avison Young, who serves as secretary; and United Realty principal Gary Schacker, who will serve as strategic officer.