Its a Great Time to Lease an Office !

Hey, it looks like the real estate glut has (finally) hit very close to home to a certain trade group notorious for their spin and deception:  The National Association of Realtor’s HQ looks like they have plenty of space for rent.

Hey, its a great time to buy or sell lease some office space !

Nar_offices_3192008

Thanks, John!

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Here’s the Google Maps version:

Realtor_hq

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Previously:

It’s a great time to buy or sell a home!   
November 2006
http://bigpicture.typepad.com/comments/2006/11/its_a_great_tim.html

Analyzing why "It’s a great time to buy or sell a home!"
November 2006
http://bigpicture.typepad.com/comments/2006/11/analyzing_why_i.html

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What's been said:

Discussions found on the web:
  1. blin commented on Mar 20

    Maybe they are moving to a better, more prestigious location…or found greater value.

    It would be nice to know the actual details of the real story rather than to show us a picture of a building with a for lease sign on it.

    It’s not always a good idea to jump to conclusions without actually knowing the real story.

    ~~~

    BR: Yes, that’s it! They must be moving to a better, more prestigious location. (Feel free to do the research for us)

  2. RNL commented on Mar 20

    There’s been talk for ages about CRE being the next shoe to drop. Finally due?

    SRS has been a sad little camper lately.

  3. BDG123 commented on Mar 20

    The party hasn’t even started in NY. Wait a year when the entire Wall Street machine has blown up. (And likely ocntinues to blow up for some time after that.) There is nothing that can or will stop it. The entire genius of this cycle has been built on a false truth. That being Wall Street actually knew what it was doing. Prices in NY are still up YOY. NY will experience one of the worst real estate markets on the globe as Wall Street craters and lays off tens of thousands in NY, NJ and Conn. NY is the epicenter of the U.S. bubble. This is going to make 1990’s NY market look like a picnic. I had a front row seat to that one and it was terribly ugly. All of those weekends at the Hamptons are a distant memory.

    It reminds me of something that was said to me a long time ago. Look to your left and to your right. By the time you leave this program two of the three of you will be gone. And, so it will be as Wall Street fails its biggest test in decades.

  4. Greg0658 commented on Mar 20

    BR – did the White House spam everybody?
    or do you rate that much attention?
    I’m shaking … for a second or two

  5. Bob A commented on Mar 20

    And better deals likely to come

    “But if your payments are still going to be more than half your gross income, the lenders won’t do it because they figure you’re going to default later,” Mr. Geller said.

    “It’s not rational to dedicate your life to making the next $5,000 monthly payment on an asset declining in value.”

    http://www.nytimes.com/2008/03/20/business/20mortgage.html

  6. rubberbandman commented on Mar 20

    Barry,
    Dick Bove of Punk Ziegel was CNBC this morning and called a bottom to the financial.

  7. Flic commented on Mar 20

    “Dick Bove of Punk Ziegel was CNBC this morning and called a bottom to the financial.”

    In related news, aliens from the planet Iktar have landed and are posing as financial “experts” on CNBC…..

  8. ElambBend commented on Mar 20

    The real story is that they NAR is clueless in leasing retail space. This space is on Michigan avenue and is nicely placed. They have blown up a couple of possible leases due to being slow at pulling the trigger or poor negotiation.
    About 1.5-2 years ago, they passed on one boutique brokerage that would have been good. It was partially a clash of personalities, but there was also some talk that they were disappointed that that particular brokerage was not (and refused) to be a part of the gild. Their choice in brokers has been a) the management company of their building and now b) Opt2Mize, a brokerage that is not a big player in downtown retail in Chicago.
    They have a prime piece of real estate in that commercial space and they are lunkheads in how they promote it and are, ironically, cheap with brokers.

  9. Greg0658 commented on Mar 20

    Barry – did you delete the two posts from the White House website? (handle something like) The Financial Observer???

    I shoulda copied it I guess

    Are you correcting a cross spammer for the White House and Yourself?
    or do they have the power to undelete themselves? (ya right stupid question)

  10. VennData commented on Mar 20

    Yun’s attempt to dismiss Case-Shiller index which – surprise – is much lower than NAR’s

    http://www.realtor.org/research/commentary_competing.html

    Now why would all those financial neophytes, at the CME use Case-Shiller for their futures and not the NAR/MLS-sourced data?

    Maybe if they didn’t treat the MLS like some secret guild and it was opened up they’d have some better data….

    …And maybe NAR’s tony offices on Michigan Avenue are vacant because they got laughed out of town.

  11. Bob A commented on Mar 20

    “…And maybe NAR’s tony offices on Michigan Avenue are vacant because they got laughed out of town.”

    Or maybe it was a condo office, and they were buying it with an interest only loan, and they figured out they could rent similar space for half of what they were paying.

  12. kasselrock commented on Mar 20

    This is an enjoyable string of comments for sure but the real story with the vacant retail space at this property is actually much different than you want it to be. I should know, that is my sign in the window! Coming soon…?! And I do mean soon. Keep your cameras handy, and keep blogging!

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