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March 1, 2009

Huge glut of office space coming soon

Queens Crap

From Bloomberg:

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!

link

Posted by steve at March 1, 2009 5:47 AM