At 8 on Tuesday morning, Brasserie, an omelet house of choice for real estate heavyweights, was nearly empty. Maybe the winter recess in Westchester public schools had Papa and kids sunning in Acapulco. Or maybe his firm is keeping a closer eye on expenses. And with good reason.
If one thing’s for sure in Read More
The Principality of Liechtenstein has 35,000 citizens, three of whom work in its Permanent Mission to the United Nations, an organization that, unlike the Queens–sized, orange-slice-shaped nation wedged between the River Rhine and Austria, is expanding.
The Principality has paid $4.95 million for two commercial condominiums on the 27th floor of 633 Third Avenue, Read More
Maybe it’s too soon to declare the death of the Manhattan office-space asking rent. But, at the very least, the downward-spiraling economy and the lack of completed deals have rendered the asking rent—that symbol of landlord volition and market domination—an endangered species.
Where once a tenant broker could simply access CoStar to ascertain how Read More
The bars don’t lie. The above chart, courtesy of Colliers ABR research ace Robert Sammons, shows a steady increase in the amount of top-flight Manhattan office space available for either lease or sublease. The total was up to about 20 million square feet by November’s end–roughly 5 percent of the borough’s total office space. Read More
In the paralyzed commercial real estate market, where panicked brokers wring their hands as deals founder, a number of nimble New York pros are looking to claim their share of the emerging submarket that surrounds distressed property assets.
It’s not a new business, mind you. It’s more like an old one that reemerges when Read More
Go south, young broker! Washington, D.C., is, believe it or not, the new New York City.
“It’s kind of the tale of two cities with New York City and D.C., to use a tired term,” said Robert Sammons, the managing director for research at Colliers ABR, during its Tuesday morning Capital Markets Overview on Read More
From The Real Deal: "Sublet space has grown more rapidly, increasing 123 percent since January to 6.8 million square feet, the company reported. Although the sublet increase was substantial, the total amount did not approach the 11 million square feet recorded for March 2003. ‘Sublets are nowhere near as high as they were around Read More
A new Colliers ABR report reminds us that it’s not the number of private-sector city jobs being lost, but the types of jobs.
The City Comptroller’s office last week estimated that over 165,000 private-sector jobs could disappear in the next 24 months. That’s a lot, no doubt. But during the early 1990s recession, Read More
In the Manhattan office market, the storyline since last summer has been one of decline measured by greater vacancy amounts and static rents. The narrative held coming out of this summer.
A new report from Colliers ABR shows a Manhattan office vacancy rate of 8.7 percent in August, essentially unchanged from July and 2 percentage Read More
The Manhattan office space market has increasingly come to resemble the 1999 film Office Space, with rumors of impending layoffs, nervous employees, and frustrated brokers taking copy machines to empty fields and viciously assaulting them with baseball bats.
O.K., that last part isn’t true. But still, this summer has been a bummer! In July, Read More
