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Emden: Market Will Remain Down Into Fourth Quarter

NEW YORK CITY-When asked what the real estate market will look like in the third quarter this year, James Emden, an executive managing director with Insignia/ESG, says to expect more of the same.

By Amy Vaughn | Updated on July 02, 2001

NEW YORK CITY-James Emden, executive managing director with Insignia/ESG, tells GlobeSt.com that it’s important to note that the current market situation is “not a disaster,” but rather, “a frustrating period.” He does say that this period will more than likely last not only through the third quarter, but the fourth as well.

“I’ve been in the business for 31 years. I was here with Edward S. Gordon and when this company became Insignia/ESG. I have been through several cycles,” he explains. “I think people are afraid; that’s the bottom line. They’re still feeling the dot-com earthquake. This is, however, completely different than the last down cycle. Here we’ve had a bubble that burst and we’re seeing the aftershocks.”

The most dramatic change in the market from last year to this Emden says is in the number of sublease deals seen now. “Subleasing is out of control,” he notes. “The sublease situation is the most difficult aspect of the market situation right now. We’re beginning to see more sublease competition, but in the long run that’s healthy. This is a correction that will stabilize the market and be good going forward beyond this summer, the third quarter and the fourth quarter.”

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