Wall Street's Best Bargain May Be Wall Street Office Space
March 16, 2011
By: David M. Levitt

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. ...

... “As far as the Wall Street cachet, I think it’s nice, but I don’t think it’s what it was 20 to 25 years ago,” said Marc Shapses, an executive managing director at Studley and a downtown leasing broker for two and a half decades. “Between technology and everything else, I don’t think people need to be right by the exchange anymore.” ...

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