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January 9, 2008
Commercial market still strong ... for now
MetroNY
By Amy Zimmer
Though there's a lot of uncertainty in the NYC commercial real estate market, according to Cushman Wakefield executive Joseph Harbert, “Record asking rents and decreasing available space have given prospective tenants fewer options from which to choose.”
Could this be a boon to Downtown Brooklyn, where 1.6 million square feet of office space — including 336,000 square feet in the Atlantic yards project — is planned over the next several years? Not likely.
“It could become a viable alternative,” Harbert said. But “for advertising and media firms, this is their time to stay in Manhattan. I think they will try to stay in Manhattan.”
NoLandGrab: Why should Atlantic Yards developer Bruce Ratner worry? As with MetroTech, should the market for class A office space in Brooklyn fail to materialize, government agencies could always pick up the slack and move in, thus justifying the massive public subsidies Ratner projects always seem to consume?
Posted by lumi at January 9, 2008 5:22 AM