SL Green CEO On Office Sector: Even Manhattan Has Its Limits
SL Green Realty CEO Marc Holliday says NYC’s red-hot office market could be slowing down, citing low oil prices and an expected decline in job growth. Marc expects the number of office-using jobs in NYC to increase by only 12,000 to 16,000 in 2016, a 30,000 decline from last year, CoStar reports.
Over 1% job growth is still good, Marc said on a Q4 earnings conference call for New York's largest commercial landlord. “But it reflects a slowing of this unprecedented rate of growth," he says, as "businesses sort of catch their breath."
Marc says the past 50 days have seen investor concerns over the struggling energy sector and its potential impact on banks. As a result, he says, SL Green is going to be picky on the investment front this year. [CoStar]