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Cresa Forecasts Value Will Carry the Day

NEW YORK CITY-The tenant rep firm is seeing fiscal conservatism prompt renewals while an executive tells GlobeSt.com of bargain subleases available along Sixth Ave.

By Rayna Katz | Updated on July 08, 2013

NEW YORK CITY-Despite some bright spots in the local economy—primarily the emergence of the TAMI sector and Downtown’s rebirth—the stagnation of the financial services and legal sectors will continue to cause a drag on local commercial real estate activity for some time. On the plus side, this trend is creating vacancies of great value and new pockets of interest for office space, CresaNY‘s Eric Thomas, SVP, tells GlobeSt.com EXCLUSIVELY.

We’re still in a holding pattern,” he asserts. “We continue to see signs of recovery in terms of economic growth and the labor market but financial and legal services have yet to emerge, and those are our drivers.”

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