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Yesterday's Big NYC Schmooze

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Yesterday's Big NYC Schmooze
Yesterday's Big NYC Schmooze
Despite 100-degree weather and Fourth of July week, 225 joined us yesterday at our  Big Apple Breakfast & Schmooze. Cushman & Wakefield chairman Bruce Mosler  told our audience that the leasing surge YOY and vacancy in Manhattan (down from 13% to 11.5%) has been driven by tenants taking advantage of lower rents, including renegotiating leases early; and over 60 companies are in the market for more than 100k SF  in space. Nationwide, Bruce says it's a “bifurcated” market, with some cities and buildings winning, and others not.
 
Yesterday's Big NYC Schmooze
World Trade Center Properties president Janno Lieber (who runs Larry Silverstein's huge projects there) actually used our forum to break news: He announced that work on Tower 3 will start this week, meaning this is the first time since 9/11 that the entire former site is under construction (Silverstein is building Towers 2, 3, 4, and 5; the Port Authority is building Tower 1). Other esteemed panelists included: Charles Cohen of Cohen Bros Realty (owner of 12M SF); North America president Michael Della Rocca of structural engineering giant Halcrow; leading owner's construction attorney and author Barry LePatner; Skanska's “green goddess” Beth Heider; and expert moderator FTI Schonbraun McCann's Joe Castellano.