New York, New York (PRWEB) January 14, 2013
In recent weeks, many U.S. investors and economists have speculated, with quiet and cautious optimism, that the country’s long-stagnant economy may finally be recovering—but there are a few economic indicators that still deliver bad news. A recent article in The Chicago Tribune notes that apartment vacancy rates continue to reflect signs of economic tumult; the article has won the attention of David Lichtenstein, a commercial real estate acquisition expert.
According to the article in the Tribune, the U.S. apartment sector has experienced its smallest vacancy decline in two full years—suggesting that what was once the strongest commercial real estate sector may not be getting pulled down by residual economic undercurrents. The article notes that, over the last couple of years, landlords have been able to boost rents and to keep their buildings full, as Americans who either could not get a mortgage or had simply lost faith in the housing market opted for rental instead of home ownership.
As the article notes, however, rent growth is contingent upon significant job growth and increases in household incomes—and while there are plenty of signs that these things are coming, they have not yet materialized.
The article in the Tribune has won the attention of David Lichtenstein, whose work as the founder of The Lightstone Group makes him a leading figure in U.S. real estate development and acquisition. David Lichtenstein has weighed in with a new statement to the press, commenting both on the Chicago Tribune article and on real estate trends more broadly.
“The Tribune’s assessment of the situation is correct, insofar as vacancy and rental rates are directly correlated with incomes and employment figures,” notes David Lichtenstein in his press statement.
“Jobs are being created, but not with the kind of volume that is needed to shake things up in the apartment sector,” the real estate professional continues. “This is one of the great ironies of our current economic situation—that as many areas of the economy begin to show tentative signs of recovery, this former economic stronghold is not finally feeling the brunt of these last five or six years.”
The article in The Chicago Tribune makes note of other bad omens from the apartment sector, namely the fact that landlords have just experienced the lowest net lease-up since the beginning of 2010.
David Lichtenstein is a real estate acquisition and development professional with many years of experience in his field. He formed The Lightstone Group in 1988. Additionally, he is a passionate investor in biotechnological research and development.
David Lichtenstein is a professional with years of experience and immense expertise in the fields of real estate acquisition and development. From the formation of The Lightstone Group in 1988, Mr. Lichtenstein has consistently pioneered in the manner in which he has built the company’s portfolio of assets, both in terms of financing and in his view of creating property value. Lichtenstein is also an investor in biotechnology, as well as an advocate on behalf of various medical schools and colleges.