March 1, 2009
Huge glut of office space coming soon
New York’s biggest banks and securities firms may relinquish 8 million square feet of office space this year, deepening the worst commercial property slump in more than a decade as they abandon a record amount of property.
JPMorgan Chase & Co., Citigroup Inc., bankrupt Lehman Brothers Holdings Inc. and industry rivals have vacated 4.6 million feet, a figure that may climb by another 4 million as businesses leave or sublet space they no longer need, according to CB Richard Ellis Group Inc., the largest commercial property broker.
What a great time to build Willets Point and Atlantic Yards up with offices!
Posted by steve at March 1, 2009 5:47 AM