THIS MORNING’S SCHMOOZE; TALKIN’ ‘BOUT WILLIS
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
|Wow! Our first NY Breakfast and Schmooze far exceeded our expectations, with 300 of you packing the General Society Library to hear wise, and quite popular, market experts give their mid-year opinions on the market from the landlord and tenant sides.|
|The event was so crowded (note our standees) that we couldn't even fit all of you into the photo. REBNY president Steven Spinola, gracing the front row, began the discussion. Noting the astronomical city and state budgets and increased real estate taxes, he urged the crowd to speak louder and differently about the economic and business problems both locally and nationally; REBNY's having regular meetings with business groups to form a coalition that will do just that. He reminds us that in 18 months, there will no longer be a stimulus, but a deficit.|
|Keynoters: Murray Hill Properties principal Norman Sturner and Swig Equities prez Kent Swig, who've well experienced the ups and downs of the NYC market. Your humble publisher Mark Bisnow moderated the colorful one-on-two discussion, mainly by staying out of their way. Kent notes that residential is picking up, but commercial is bifurcated because of debt coming due. We have a capital structure that is flawed, but now rebooting, he says. Norman sees real traction in leasing and points out that the predicted “blood in the streets” hasn't happened; instead, a market that got away from us is coming back to a new norm. Forget high vacancy rates, he jokes, as space will be filled by bankruptcy lawyers and financial regulators.|
|This good-looking group of MetLife's John Vazquez, CB Richard Ellis' Paul Amrich, Cushman & Wakefield's Mitch Konsker, Prudential Douglas Elliman's Faith Hope Consolo, Monday Properties' Anthony Westreich, and sponsor Greenberg Traurig's Nelson Migdal (plus Mark Bisnow) gave us an office and retail overview. Faith summed up retail in one great word—shopportunity.Sounds like it could extend to office as well, based on the tenant-favorable circumstances panelists described. Leasing velocity is picking up as tenants get nervous about the bottom, Mitch says, with 70M SF of expirations coming due over the next five years. People still want to be in Manhattan, and we should expect financial, legal, and media/entertainment to reign.|
|Quick, more chairs!|