Could 2010 Be the Year of NY's Real Estate Rebound?
January 22, 2010
By: Lois Weiss

After holding its breath throughout 2009, the real estate market is poised for a bounceback. "I am somewhat bullish about 2010," said Stephen Siegel, chariman of global brokerage for CB Richard Ellis. "It may start off slowly, build momentum and close strongly." ...

... "We will see in first six months of this year, major, decent- sized relocations where full capital needs to be spent," predicted Mitchell Steir, Chairman & CEO of Studley, a tenant rep firm. "Tenants can buy construction for less and the landlords for these initial deals will give healthy TI [tenant installation] packages and tenants will start to spend money on their own improvements." Even in this recessed marketplace, Steir observed, "Where there is quality space it's not uncommon to see a competition for space."...

... David R. Greenbaum, President, Vornado Realty Trust, agreed that over the past year, New York has shown its resilience and remains a beacon for the world.

"It is essential for any company with a global business to have a presence here," said Greenbaum. "New York has come back stronger after every cycle." Concluded Steir of Studley, "Commerce has returned." ...

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