Sunday, March 1, 2009

Huge glut of office space coming soon

From Bloomberg:

New York’s biggest banks and securities firms may relinquish 8 million square feet of office space this year, deepening the worst commercial property slump in more than a decade as they abandon a record amount of property.

JPMorgan Chase & Co., Citigroup Inc., bankrupt Lehman Brothers Holdings Inc. and industry rivals have vacated 4.6 million feet, a figure that may climb by another 4 million as businesses leave or sublet space they no longer need, according to CB Richard Ellis Group Inc., the largest commercial property broker.

What a great time to build Willets Point and Atlantic Yards up with offices!


Anonymous said...

What do I see. Phony Tony Como's middle village skyscraper is part of the Manhattan skyline!!!

Lino said...

A little perspective: When the last real estate crash began in fall 1989, the pundits, including the NY Times -all- stated that we had a "35 year supply" of office space.

Eventually things got so hot here in Manhattan that even those long-empty office buildings in north Queens Plaza got renovated and are now full.

Anonymous said...

Yeah but the one where the parking garage was didn't have any tenants so the City had to bail the project out and move their offices there. And this ain't 1989. We're headed toward the second Great Depression.

Missing Foundation said...

Lino, this is not 1989 and that one office building filled on Queens Plaza North is getting emptied.

Business all but fled lower Manhattan which is one of the reasons midtown got filled.

But when an office gets downsized today, with everything getting digital, there will be no reason to expand when things pick up.

But, then it seems that reality has not caught up with the builders in western Queens.

italian girl said...

Reality hasn't caught up with the builders of eastern Queens either.

Anonymous said...

I was a sales rep in the early 90's and called on building after building with "see through floors," no offices, no nothing. Everything old is new again.

-Joe said...

Look at the bright side

Bye Bye the Citys Plans for Willets Point.
The Yuppies are going to be out of work and fleeing back to Iowa to Mom and Dad in hordes.

Those Willets Point parts owners are going to be multi-millionaires when the big automakers and auto dealorships crap out.
There is no stopping it, only delaying it IMHO

As it is now parts are drying up FAST.

Lines that make Engines and trannys are down. You have to call dealors and bone pick.

Call a Dodge dealor and ask for a control arm for a 2001-2009 RAM.
--Non available !!

The partys over !!

Anonymous said...

"The Yuppies are going to be out of work and fleeing back to Iowa to Mom and Dad in hordes."

Back to Iowa... or back to Southold?

-Joe said...

They are welcome to drown themselves off Nassau Point on out-tide.

---better stash some Starbucks cups as bait

Anonymous said...

Affordable housing anyone?

Anonymous said...

queens very badly needs office building and office space. there are not enough office buildings and the rent is outrageously high. the more office space queens gets the better. less commuting and more startup businesses, and more business success here. no one wants to commute nor should they have to.

Anonymous said...

queens badly needs much more office space. there isnt any office space and therefore the rent is 55$ a foot on average when it should be $25 like every other borough. there is no where to work or start up a business in queens because you have to drop 1500 or more every month just to find a tiny little hole in the wall to work from. no one should have to commute to the city just to work, it hinders startup small businesses here in queens.