Ray of Light in Midtown?
|We love positive people (and who doesn't need a bit of sunshinethese days?), so we walked down the hall to have a chat with CBMidtown vet Matt Van Buren, who happened to be reading Bisnowwhen we walked into his office. No, he wasn't kissing up to us, but he was admiring the nice shot we took of him at the firm's quarterly breakfast a few weeks ago. We digress. Matt told us that although the investment and leasing markets have been quiet recently, theright signs are there that action is being taken to correct the economy, which will trickle down to commercial real estate. We've been through this many times, he said, but other downtowns were worse—this looks like an average-sized headache. Tylenol, anyone?|
|But Midtown looks like it will fare the best out of all submarkets, thanks to its undersupply and its considerably lower vacancy. Even with all the financial layoffs, history has taught us that these employees will find other shops or start their own platforms, which can only be positive. It also helps that the submarket houses two of the fastest growing industries, legal and media/entertainment. Verdict? Midtown never falls as far and bounces back the quickest. In the meantime, Matt's taking the time to hone his craft and be more present with clients. When he's home, he likes to decompress by walking his chocolate lab, whom he reports has finally stopped walking him.|