Archived News: 2002

4th Quarter 2002 InSite magazine now available. Inside this issue: Birmingham Apartment Market Report 2002. Click here to request your copy.

President's Letter, Fourth Quarter 2002:

by Carey P. Gilbert, II
SIOR, CRE, CCIM
President, JH Berry & Gilbert, Inc.
We are pleased to present you with this fourth quarter issue of InSite. This issue focuses on the apartment in the Birmingham area and the inside "pull out" section contains our market report for year end 2002. There are certainly some soft spots in the Birmingham apartment leasing market, but we believe that, long term, apartments will continue to be a very viable sector of the real estate investment market.

As to investment alternatives, we continue to believe that real estate will perform well when compared to other alternatives.

I was fortunate enough to have heard a nationally known economist speak in November regarding the future of the world economy and, more specifically. the US economy. I will be glad to give you a few of his statistics:

• Interest rates for home financing are lower than any point they have been since 1963.
• As to home refinancing market, of all the owner occupied, single family homes in the United States, only 1/5th of these have
  been refinanced in recent years. For the mortgage brokers, this leaves 4.5ths of the them to go!
• The federal discount rate is at its lowest point since 1946.
• As to the US economy, he stated that consumer spending is the most important factor, He predicts that 2003 will be better
  than 2002 and that we are headed toward a period of zero inflation for the next few years.
• Additional good news prediction is that with the Republican controlled administration in congress, further tax cuts are a real
  possibility. It was also predicted that there will be changes in energy policy and more defense spending.

Remember, these are not my predictions but those given by a very renowned and educated expert on the economy! Let us hope that for the positive predictions for business and the economy he is correct!

Click here for a copy of InSite magazine.

11.15.02: The newest issue of InSite magazine is now available featuring the 2002 Industrial Market Outlook Report.

You can download the report or request a copy of the magazine by clicking here.

October 2002: Birmingham, AL - Office Park Partners, LLC, formed by J. H. Berry & Gilbert, Inc., and a group of private investors, purchased Business Circle Office Park for $2.6 million, a 37,000 SF development spanning 10 acres near highway 31 in Pelham.

The property, located at 329-338 Business Circle, has room for potential expansion. Tenants include Nextel, the NCR Corporation, and the U.S. Department of Agriculture. The development is composed of 5, one-story "office flex" buildings.

"This is our first significant venture into Shelby County. We believe Shelby County has a bright future and that this property is well positioned in the market" said, Carey Gilbert, II, President of J. H. Berry & Gilbert, Inc.

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