Studley President Michael Colacino says there's a dearth in office supply
September 15, 2011
By: The Real Deal Staff

The economic uncertainty has had a significant impact on tenants expectations in New York, slowing down the leasing market dramatically compared to the beginning of the year, Michael Colacino, president of New York City-based Studley, told GlobeStreet.com in an interview. The stock market and the leasing market have become more interdependent, he explained. Because corporations are acting more rapidly, anticipating rather than responding to activity, there is greater and greater volatility. ...

... "There's been no supply and there have been only really two new areas of potential supply, which is the West Side rail yards area and Downtown," he said."The lack of any fundamental Midtown development eventually is going to cause a significant increase in rents and the question is when that's going to occur. We see it happening in 2013, 2014 or 2015 -- a lot of our competitors have said maybe earlier than that." ...

... Studley, he said, weathered the storm of the downturn well because management took steps early in the cycle to avert problems. ...

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