A chaotic market has triggered fight-or-flight responses in office owners across New York City, spurring either aggressive plans for acquisitions and renovations or fire sales and quick exits.
But in the face of change, some have simply frozen, firing their brokers and trashing marketing materials, hoping for a more stable day.
“People that do have substantially vacant buildings have this moment in time where they can evaluate their position,” said Spencer Levine, president of developer RAL Cos. “Do they pivot on what that building is about?”
To many, taking that opportunity means stepping away from the typical rent and rerent cycle.
Between January and September, approximately 8.5M SF of office space has been unlisted from the market due to reasons other than leasing, according to data provided by Cushman & Wakefield. During the same period in 2019, 3M SF of office space was unlisted...
To many, taking that opportunity means stepping away from the typical rent and rerent cycle.
Between January and September, approximately 8.5M SF of office space has been unlisted from the market due to reasons other than leasing, according to data provided by Cushman & Wakefield. During the same period in 2019, 3M SF of office space was unlisted...
RSK: Interesting concept for empty office space.."warehousing it" and its not what you think it means. Taking a gamble as I see it but might work for some.
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- - Volume: 24 - WEEK: 44 Date: 10/29/2024 1:27:01 PM -