State of the Market Recap (part 1)

Last week RDM attended Bisnow’s 4th Annual New York State of the Market Event at the Hilton New York.

Over three-hundred real estate professionals were in attendance, representing many of the city’s largest landlords. The event hosted two stimulating panel discussions. For this post we’re going to provide a quick recap on what was discussed during the first panel which highlighted current NYC real estate trends. This panel included Jason Pizer (President – Trinity Real Estate), Michael Laginestra (Vice Chairman – CBRE), James Wacht (President – Lee & Associates), and Greg Kraut (Principal – Avison Young).

• Midtown South is the hottest market in NYC
• The “cool factor” with buildings is now considered and Midtown is not cool
• Brooklyn is the new Manhattan and is attracting tech companies and techies
• Leasing in ‘12 is “on par” – ’11 was above average and the market is leveling out
• Real estate activity should pick up after the elections
• Corporations are trying to create “cool” office spaces to attract creative employees
• An open floor plan doesn’t work for all business types
• LEED buildings are less important as opposed to space needs

Tomorrow we will provide a recap of the second panel which covered investment.

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