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Insignia/ESG's Siegel Delivers Message of Optimism

NEW YORK CITY-"No matter what the national economy is doing today, the New York real estate market is in a state of divine equilibrium," Insignia/ESG chairman and CEO Stephen Siegel told the audience at yesterday's RELA breakfast.

By Betsy Kraat | Updated on May 22, 2001

NEW YORK CITY-The mood was cheerful at the Real Estate Lenders Association’s May breakfast meeting yesterday at the MetLife Building’s Sky Club. Stephen Siegel, CEO of Insignia/ESG, characterized New York’s office market as “extremely healthy.”

“When you consider that there’s over 350 million square feet of office space in Manhattan–that’s more than Washington, DC, Boston, Chicago, Los Angeles and Houston combined–even a return of 10 million sf isn’t going to have that much of an effect,” said Siegel. He targeted Long Island City and Harlem as promising areas for growth and added that class ‘B’ space is likely to suffer as a result of increased class ‘A’ availability.

“Right now, it’s landlord heaven out there,” Siegel said. “Whatever negative absorption we’re experiencing right now is a pause rather than a stoppage or slowdown.” Siegel downplayed the effects of the dot-com shakeout on the commercial real estate industry, claiming that the Manhattan market is still far from the depressed conditions that crippled business in the early 1990s.

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