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Bargain Lease Hunters: It's Now or Never

NEW YORK CITY-The window of opportunity for TIs and free rents is slowly closing, according to the folks of Grubb & Ellis. All boats will rise in '04, but not equally, it seems.

By John Salustri | Updated on December 17, 2003

NEW YORK CITY-We’re turning the economic corner, and the Manhattan real estate market ain’t all that far behind. That was the upshot of a press briefing held recently at the offices of Grubb & Ellis here.

The local upturn was set against the backdrop of improving numbers nationally, and Robert Bach, national director of market analysis for the Northbrook, IL-based firm, indicated that the national economic and real estate pictures are both showing subtle signs of life. “In the past six weeks,” he said, “we’ve seen the biggest gain in GDP since 1983.” He predicted that that the 10-year Treasury should end 2004 at 5%, and while interest rates will rise through the year, it was the general consensus that there should be no spike to upset the recovery’s applecart.

How real estate will respond to a livelier economy is clear. Bach projected that office leasing, currently saddled with a 17.7% vacancy rate, will start to shore up in ’04, ending the year at 17.3%. Industrial, currently posting a 9.8% vacancy, will hit year end ’04 with a 9.1% rate.

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