Wall Street’s Biggest Bargain: Office Space

Interesting discussion at Bloomberg:

“The best deal on Wall Street might be its office space.

Asking rents for buildings at the one-time mecca of global finance have fallen to among the lowest in Manhattan after ranking as some of the priciest as recently as 2008. Wall Street landlords are seeking rates about 18 percent less than the city average, hurt by years of exodus by financial firms looking for bigger, more modern offices, according to brokerage Studley Inc.

The six-block lower Manhattan street is now home to residences, architects, engineers and media companies along with the securities firms that long dominated the area because of its proximity to the New York Stock Exchange at the corner of Wall and Broad. The planned purchase of the exchange’s parent by Germany’s Deutsche Boerse AG would be the latest evolution as the street’s anchor comes under foreign ownership.”

Since the financial crisis unfolded, several 100,000 feet of financial office space came onto the market as both full floors and subdivided subets.

Its not that Manhattan office space is a bargain, its just more reasonable than its been for a while . . .


Wall Street’s Biggest Bargain May Be Wall Street Office Space
David M. Levitt
Bloomberg, March 16 2011

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Posted Under