2015 Annual Review responses by Jed Backus of Backus Real Estate

Respondent’s Name: Jed Backus Company: Backus Real Estate, LLC What was your greatest professional accomplishment in 2015? I was honored to serve in 2015 as chairman of the Commercial and Industrial Division of our New Haven/Middlesex Association of Realtors. In this capacity, I organized a series of power-lunches and a commercial real estate conference on topics including transit-oriented development, green building initiatives, brownfield redevelopment, and environmental law. What was your most notable project, deal, or transaction in 2015? This year I’m going to highlight the work I did with Mathnasium, a math-tutoring franchise. While these transactions were not the largest or the most complex, helping entrepreneurs find the right place to succeed, and bringing quality businesses and employment to our community, is ultimately what drives my company and provides the greatest satisfaction. What are your predictions for commercial real estate in 2016? We’ve seen continued improvement in both the volume and health of the CRE transactions in our market. Distressed and REO sales are fewer, and many businesses are growing. That said, the growth in Conn. has been muted in comparison with many other markets, and I anticipate a continued ‘slow but steady’ improvement in 2016. As always, there is great variation in performance between different asset classes, and location is, as ever, the primary bedrock of value. There are opportunities in every market, and we’re excited to get to work in 2016.