NEW YORK CITY-The “clairvoyants” at ABO’s Visionary Panel this morning (June 20) did not like what they saw in the crystal ball. This is a change from other recent projections that describe a market slowing, butstill healthy and not yet at equilibrium. While the panelists were far from grim, the overall message was sober.

“A lot of people are suffering from a perception gap,” said Drew Conner,vice president of Boston Properties. “Some of the significant activityof 2001 is actually overhang from 2000.” Meanwhile, Conner says,owners and tenants aren’t finding each other. “It’s like a juniorhigh cotillion with the boys on one side of the room and the girls onthe other. You know that they’re going to get together and dance, butit’s a matter of when.”

“The market has gone from one extreme to the other,” said Newmark &Co. president and CEO Jeff Gural. “At this time last year, my onlydecision was take one of the five or six tenants vying for the space.Now it takes a while to get an offer.” Gural advises owners to makedeals with high-quality tenants. “When tenants are in arrears and needto renegotiate, that’s the worst thing that can happen. Better to make adeal with a good-credit tenant.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.