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Office Space Trends, Retail Driving NY CRE

NEW YORK CITY-Increased office demand, relocations, a heightened focus on where employees live and even more trends are keeping industry professionals busy.

By Rayna Katz | Updated on June 13, 2013

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.

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