Perspectives

These times are a call for action. During one of the toughest economic climates imaginable, large businesses are struggling to maintain a standard of daily operations in the midst of corporate downsizing while individuals face their own hardships in the form of the gravest unemployment rates since 1982. National unemployment hovered at 10 percent in November, more than double the 4.9 percent that the Bureau of Labor Statistics reported in December 2007, at the outset of the current recession. This is the time for companies to look internally, to take an open, honest look in the mirror at their workforces to assess how to raise the bar to better serve their clients and further differentiate their service offerings from the pack.

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Recently, two companies separately agreed to pay civil penalties totaling a combined $77,000 to resolve accusations that they violated the Fair Credit Reporting Act in connection with their hiring processes. The Federal Trade Commission brought separate lawsuits in federal court against Quality Terminal Services, LLC and Rail Terminal Services, LLC. In both lawsuits, the FTC alleged that the companies contracted with a credit agency to conduct background checks on employees and applicants, including criminal record reviews, and then made hiring and firing decisions based on those background checks. The FTC also alleged that each company failed to provide the employees with the notices required by the Fair Credit Reporting Act.

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As renewable energy gains an even stronger foothold as the “power source of choice” in our homes, office buildings, schools and retail centers, industry professionals are pooling their knowledge and resources to respond to an influx of end-user needs. These multi-disciplinary partnerships are now being aggressively sought by municipalities and commercial/industrial/retail owners seeking to convert the sun’s rays into the most efficient alternative power supply and significant cost-savings.

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When it comes to managing one's risk of loss to a "down-stream" provider in the Construction Industry, the insurance topic that frequently arises is "Additional Insured" (AI) status. However, too often, focus rests on the language of contracts, rather then on the Standard Operating Procedures employed in regard to them.

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The changes you're facing right now may seem daunting, or even downright terrifying. Don't let fear and doubt constrict your future, though. You have a lot more control than you think you do. It's time to stop waiting to be fed like a goldfish and start developing some (shark-like) initiative.

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Given the current focus on energy efficiencies and "green" technologies embraced by the Obama Administration and various states, businesses and individuals are taking advantage of assorted energy-efficient tax incentives. Under the recently enacted American Recovery and Reinvestment Act of 2009, and even more robust package of tax incentives to encourage investments in renewable energy projects or more-efficient technologies has been made available.

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The American Recovery and Reinvestment Act passed earlier this year was designed to stimulate the U.S. economy by funding projects and programs throughout our country in such areas as education, healthcare, science, transportation, infrastructure reconstruction and environmental protection. With billions of dollars in federal government disbursements through federal and state grants and contracts, now may be a good time to explore new opportunities for your business or organization.

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Readers are undoubtedly familiar with the surge of wage and hour lawsuits in recent years. Travel pay disputes can fuel this surge. In the present economy, employers are keeping a closer eye on out-of-pocket expenses. Employers often think of travel pay as an expense that may be compensated at the discretion of management. Consequently, many employers adopt pay practices concerning travel that do not comport with the applicable law. This dynamic yields a highly attractive target for plaintiffs’ lawyers.

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Visit the Facebook page for Merchants Walk in East Cobb County, Ga., and you will see firsthand how social networking helps businesses connect with customers. The 33-year-old center is dilapidated and vacancy-prone, but it sits at the busiest intersection in all of East Cobb, where household incomes top $165,000.

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Making sense of the real estate market for the healthcare industry requires a commercial real estate broker with industry experience. Healthcare professionals are facing a multitude of questions and issues that are forcing practices to reassess their real estate needs.

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Are there opportunities for going public in the current recessionary climate? While the number of traditional IPO’s have slowed to a crawl, reverse mergers are continuing their ascent in popularity with 222 reverse merger deals in 2007 valued at US$8.36 billion, a 14 percent increase over the previous year according to The Reverse Merger Report. While the market tsunami of 2008 resulted in less deals in the last quarter of 2008, there has been a dramatic up-tick in activity this year.

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Much has changed in the 25+ years since Robert A. Dinner set out on his career in real estate brokerage. Today, as a senior director in Cushman & Wakefield, Inc.’s Edison, N.J., office, he is recognized for his deep market knowledge and strategic planning skills, specializing in landlord and tenant representation. He also is known for his role as a member of the Senior Council and past president of the Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA). In the following Q&A interview, Dinner reflects on the business, industry shifts and the importance of trade organization membership – in both challenging economic times and beyond.

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The green building trend is just a few years old, but at this point most any New Jersey developer has heard someone assert: “The question is not whether you can afford to build green, but whether you can afford not to build green.” The premise of this emerging cliché is that rising demand for eco-friendly buildings will thrust development into a new era—one in which time-tested approaches to design and construction will be rendered obsolete.

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In times of crisis, or public outcries for change, dissimilar viewpoints can offer very diverse perspectives. The continuing saga of an economic exodus from New Jersey continues, and will be further exasperated by the recent round-up of political and religious leaders ... or will it?

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Considering the direct correlation of the economy, the unemployment rate and commercial real estate, New Jersey’s less-than-desirable office and industrial performance heading into the second half of 2009 comes as no surprise. Still, we are beginning to feel better about the economy, so when will the same hold true for our industry?

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On May 7, 2009, Governor Corzine signed into law the Site Remediation Reform Act (the “Act”) which introduces sweeping changes to the administration of site cleanups in New Jersey. Among other important changes to existing environmental laws, the Act introduces a licensed site remediation professional (“LSRP”) program modeled under a program that has been operating in Massachusetts for a number of years. One of the key objectives of the Act is to streamline the regulatory closure process for the more than 20,000 known contaminated sites across New Jersey by allowing LSRPs, instead of the New Jersey Department of Environmental Protection (“NJDEP”), to oversee site cleanups. The Act introduces many new issues that the regulated community will need to address over the months and years to come. The NJDEP is scheduled to adopt interim regulations in November 2009; however, it is anticipated that many issues may take years to mature since promulgation of permanent regulations is not projected until May 2011. The devil will be in the details of the implementing regulations to be issued by NJDEP. These details will need to be considered when negotiating purchase and sale, environmental services, and access agreements.

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Most business executives are driven by the goal for their companies to succeed, grow and be on a firm financial footing. They expend great energy in managing the business and have above-average knowledge of financial matters. Thus, many assume their personal finances are in good order. In consultation with many of my own clients, I find this is not actually the case for those who are planning to retire – or, in today’s economy – are being forced to retire.

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1) How has the nationwide credit crisis affected NJ commercial markets?
It has affected us in a similar fashion to most major SMSA's. In discussions with my colleagues around the country, there seems to be a similar theme (to NJ) that our CRE markets are suffering greatly. Specifically, the credit market is the major driver for the majority of the larger tenants, developers and investors. The impact is dramatic and very noticeable in the overall velocity of transactions.

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Deemed by some to be the worst economic crisis since the Great Depression, today's economic environment places many real property owners and developers in a miasma of doubt. Doubt, and uncertainty in general, tends to have two primary effects—paralysis or panic. Neither reaction is conducive to the maximization or the protection of an asset, and both can lead to lost opportunities. Developers and property owners, therefore, must position themselves in a calculated fashion to seize opportunities when they arise. After all, if great difficulty leads to opportunity, then great opportunity is around the corner.

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Everyone in the commercial real estate industry has felt the growing gravitation towards "green" buildings. Yet with today's economic challenges, some may be wondering if things have changed. The good news is that while the current down cycle may be slowing decision-making and capital outlay, it has not quashed enthusiasm for and commitment to this new focus.

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