Jay Gitles Quoted in the Heartland Real Estate Business Law Roundtable
"Legal Experts Outline the Opportunities and Challenges Facing Commercial Real Estate Pros in the Midwest"

Jay Gitles was quoted in the November 2008 issue of the Heartland Real Estate Business Law Roundtable in the article, "Legal Experts Outline the Opportunities and Challenges Facing Commercial Real Estate Pros in the Midwest." The roundtable consisted of a collection of Midwest-based lawyers specializing in real estate who provided their perspective on the state of the industry in the face of the current financial climate.

According to Jay, with the problems in the financial and economic sectors, "corporate real estate transactions are increasing, which are sort of the bread and butter. Every business needs space because they have employees -- that doesn't change because of the liquidity problem." He continued, "we haven't really seen a significant bump up yet in the way of loan workout transactions, but most of us expect that to be a significant growth phase coming up if we're reading all the signs correctly."

During the roundtable, Jay provided his perspective on how the problems in the lending industry are impacting real estate and also whether negotiations for lease transactions have changed over the past 12 months. He also discussed the impact of green building development on real estate law. Jay concluded by commenting on the trends and challenges facing real estate lawyers at this time. According to Jay, "There are likely to be lots of new laws that will emerge and require the assistance of lawyers to advise, interpret and assist clients in navigating the new landscape. The challenge is going to be, frankly, just keeping busy because the number of deals is going to be reduced."