Search
 

Firms Search for Large Blocks

NEW YORK CITY-Leasing and investment activity here and across the world carries differences and similarities. Cushman & Wakefield execs discussed the global marketplace during a forum here.

By Barbara Jarvie | Updated on May 11, 2006

NEW YORK CITY-”What happens here affects the world,” said Joseph R. Harbert, CEO, New York Metro Region, Cushman & Wakefield, during the firm’s breakfast forum. He predicted that the days of the $20-per-sf lease will be over by year’s end and that current development projects will not put “an excess supply” of space into the market. He noted that while “the lack of speculative development has benefited the industry,” estimates show a potential requirement for as much as 28 million sf of office space with only 18 million sf in development.

Harbert added that there are as many as 60 firms searching the waters for space in excess of 100,000 sf and looking to make deals over the next eight to 15 months. “Real estate markets move in concert with the economy.”

While a number of deals have been made in excess of $100 per sf in Midtown, one space traded for as high as $140 per sf. And high-end retail is a hotspot for Manhattan as there have been rents of $1,200 per sf along upper Fifth Avenue.

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.