New years signify the potential for change. Now, as we start 2011 after two years of wondering when an economic rebound will take hold, we’re excited about the potential for change over the coming months.

We know the University of Michigan will continue to drive economic development in Ann Arbor. Here are our top 5 picks for other areas that will make significant local business news in 2011:

1. Rick Snyder’s administration. He’s new to politics but not to business. And with the business community providing major support to the new governor, he’s now in a position to drastically alter the relationship between business and state government. How that affects taxation, retention and channeling entrepreneurs remains to be seen. But we have no doubt that by the end of this year, we’ll have a new - and competitive - playing field for companies based in Michigan.

2. Capital. There’s more than a drip in the lending pipeline as we start the year, according to published and anecdotal reports, and how that changes over the coming months will have a big effect on our local economy. The businesses that have survived the recession and find themselves in a position to grow should find better access to funding.

3. Office space. One of our favorite economic indicators remains the office sector of the commercial real estate market. We’re hearing about large new leases in the pipeline - particularly downtown - and anticipate more building buys by owner-occupants who can take advantage of still-low pricing. Both position the community well for rebound.

4. Development. Dirt already is moving close to the University of Michigan campus as Zaragon Place 2 gets under way, and more is likely to follow around the city after a years-long slowdown. We’re already seeing a private hotel project moving forward, and Georgetown Mall ownership is pulling together site plans. A full-bore recovery isn’t likely, but we’re encouraged by the upturn in interest.

5. Borders Inc. The Ann Arbor-based bookseller has waged war against weak financials for several years now, and 2011 is likely the year when there’s a resolution. Whether the turnaround takes hold or the company chooses reorganization, liquidation or acquisition, reaching a conclusion - and moving on - will be a welcome step. We hate to see the brand suffer in the meantime.