■ Business Forecast
■ Business Forecast
MANUFACTURING
Case Medical Inc . Marcia Frieze Chief Executive Officer
Case Medical has provided sustainable products for the healthcare industry for over 31 years . We develop and manufacture innovative and environmentally preferred products for instrument processing and infection prevention , working directly with healthcare facilities and other medical device product manufacturers . Case Medical develops asset management software for healthcare facilities that is scalable and affordable , and we utilize many of the same features in our production facility . In 2024 , we plan to offer more software options to our customers , while developing and introducing new products including cleaners , skin cleansers , solvents , and sustainable wipes for personal care and infection prevention .
LPS Industries , LLC Madeleine D . Robinson Chief Executive Officer
I believe that 2024 will be very much like 2023 with a few exceptions .
LPS is a manufacturer of medical , food , military , transportation and other types of packaging . Like many other businesses in 2022 and 2023 , we were affected by high inflation , a lack of qualified workers , high interest rates and supply chain interruptions . In 2023 however we also experienced a slowdown in sales because our customers built up inventory in 2022 during COVID afraid of the potential shortages and price increases . They are now whittling down that inventory .
I ’ m certain that in 2024 ordering patterns will assume a more normal
pace but inflation , labor shortages and interest rates will continue to affect all industries as will an overall hostile business environment full of new regulations , taxes and oversight . The only wild cards will be the effects of the international situation and the Presidential election .
The key to the future for many companies is innovation . New products take time and patience to develop and many dollars of investment before they bear fruit but it is surely the key to advancement . In 2024 we will concentrate on new product development , broadening our customer base and watching our expenses .
NON-PROFIT ORGANIZATIONS
YWCA Northern New Jersey Helen Archontou , MSW , LSW Chief Executive Officer
“ Nonprofits are known to be resilient , adaptable , and very resourceful . In 2024 , we will see them embrace AI as a way to enhance productivity , create data-driven strategies , and engage multigenerational donors .
PUBLIC RELATIONS & MARKETING
Caryl Communications Sandy Crisafulli President
Interest rates will affect the commercial real estate market as we move toward the next election .
Photo : Getty Images / iStockphoto / CHUNYIP WONG
Companies have more avenues than ever before to communicate their news , thought leadership and value . Our clients are leveraging multiple media channels – including earned , owned and paid – to engage audiences , and good public relations strategy is an important part of this holistic approach . In this space , PR partners are providing in-house and agency marketing teams with the insight and specialization needed to successfully integrate messaging across widely diverse platforms . Looking ahead to 2024 , the evolution of technology will continue to provide new and significant opportunities , and we look forward to helping our clients take advantage of what ’ s to come .
REAL ESTATE
Atkins Companies Charles “ Chick ” Atkins Principal
The healthcare real estate market will continue to see high occupancy rates in 2024 , in contrast to the general office market . Healthcare systems , however , are currently facing financial stress from a variety of factors including elevated interest rates , increased labor costs , staffing shortages , and downward pressure on insurance reimbursements which are impacting their budget allocations , and in some cases , are delaying planned expansions . Despite these challenges , the long-term viability of the medical office market will remain strong as healthcare will always need space , even as the delivery system evolves and changes .
Diversified Properties Nicholas Minoia Founder and Managing Partner
The commercial real estate industry in 2024 will largely be gauged by changes in short and long term interest rates , and the corresponding movements in cap rates . The political and economic climate will also heavily impact the industry next year , specifically with reduced inflation and the uncertainty that stems from the upcoming Presidential and Congressional elections . As supply chain issues stabilize , construction managers will see fewer obstacles and be able to complete projects much quicker . However , the regulatory oversight of banks will continue to restrict credit to strong sponsors with deep track records .
Levin Management Corporation Matthew K . Harding Chief Executive Officer
Commercial real estate owners are focused on positioning assets for maximum performance , leveraging leasing velocity to take advantage of expansion potential and reposition existing
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December 2023 COMMERCE 17