Six Questions for Studley's Michael Colacino
September 15, 2011
By: Carl Gaines

Studley’s tenant-only model means the firm is a rich source of information in terms of what’s happening in the market from their clients’ perspectives. The firm’s president, Michael Colacino, has represented a diverse group of clients--among them Cadwalader, Wickersham & Taft, Warner Brothers and Westvaco Corp. He shared his insights into what tenants are looking for in New York City--and where they’re looking. As well, he tells how a tenant-reliant business weathered the economic downturn. ...

... We talk a lot about a lack of class A space here in the city. With rents on the upswing are you seeing clients scrambling to lock in space?

Colacino: I’m not sure that I would forecast rents on the upswing dramatically over the next three to six months. I think rents are flat and there is a distinct possibility that they’re going to decline if what we’re seeing out there happens. The depth and the length of the recession that we might have is very uncertain right now. But for example if there’s a European debt crisis and the two major French banks that were mentioned in the Journal yesterday have further problems, it could have a very negative effect on New York City leasing--negative from the landlord’s perspective in terms of rents going down. ...

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