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REBNY Panel Discusses the Year Ahead

NEW YORK CITY-Sublease space, one of the industry's major concerns, was a hot topic during the Real Estate Board of New York's member luncheon panel on the current state of the market.

By Barbara Jarvie | Updated on March 11, 2004

NEW YORK CITY-Bank mergers could have a significant impact on the amount of sublease space here as one industry heavy hitter says that it’s “possible” Wachovia and JPMorgan Chase might put additional space in play this year.

During a panel discussion on the state of the market here, which was moderated by CB Richard Ellis’ president of the New York tri-state region John Powers, at the Real Estate Board of New York’s member luncheon, Peter Riguardi, president of Jones Lang LaSalle in New York, noted that potential. “In this economy, big companies have big cash … and they look to buy out other companies,” he said. In November, JLL was selected by Wachovia to sublease more than 400,000 sf of space at One Seaport Plaza. Wachovia had obtained the space through the July 2003 combination of its brokerage subsidiary, Wachovia Securities, with Prudential Securities.

Studley chairman and CEO Mitchell Steir noted that the effect of subleased space is “tremendous.” He pointed out the keen difference in the market now and 1997 when there was similar availability rate. “Then there was 20% sublease, today it’s 37%. But the slightly good news is that it was up as high as 47%.”

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