NEW YORK CITY-In a wide-ranging discussion on trends in real estate development, leading CRE executives spoke about everything from supply and demand in the office market to retail activity at a CoreNet NYC event in Manhattan Wednesday night.
“If you're looking around midtown, there's supply,” said Ron Lo Russo, president, New York tri-state region, Cushman & Wakefield. “Vacancy is about 10%, 250 W. 55th St. just came online.” However, Midtown South is still the tightest market in the country. The vacancy rate is somewhere around 7%, and it moved up because 51 Astor has come onto the market.
“Supply may seem high, but demand wise, there is activity.” When the discussion came down to office space size though, he said, “You're not getting big floorplates in Midtown South. You'll be able to fill any need in Midtown, and there are great floorplates in Manhattan West.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
