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New York Commercial Real Estate

DOWNTOWN'S RECOVERY

NYC's office market is seeing signs that the worst may be over, says FirstService Williams CEO Mark Jaccom (left, with FirstService Real Estate Advisors CEO Doug Frye and Williams executive chairmanBob Freedman) in response to the firm's 4Q analysis. He notes that tenants who were priced out of Midtown now see it as a viable destination. But with almost a 50% decline in effective rents from a year ago, the now-affordable Midtown North might take a toll onDowntown, which has seen a jump in availability. With the financial sector still a major driving force in Downtown, the submarket's recovery may be slower than expected, Bob adds.

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