Monday, October 1st, 2012

Big Money Manhattan Office Rent Isn't Cool Anymore

The Plaza District—essentially 42nd Street to basically Central Park South, from Third Avenue to Seventh Avenue—is officially Not Cool and also Highly Expensive and so therefore is Highly Vacant, because Bros Don't Want Their Offices there. "The people who come to our buildings, they use words like ‘dude’ and ‘totally.’ They pound you, they don’t shake your hand. And right now, those are the ones making the space decisions," is how the president of Trinity Real Estate, Jason Pizer, put it. Sure thing, brah! The dudes want to be closer to the L train. JK, they want to be down by The Startups. Um, also, they don't want to pay $80 a square foot in rent; they'd rather move down fifteen blocks and pay $45. That's not dumb in the slightest! WHERE IS OUR NANNY MICHAEL BLOOMBERG. Rough times, and so it's a good moment to get some rent concessions. Midtown South has a vacancy rate of just 6%; now the Plaza District's vacancy rate is over 12%. And so Jared Kushner's beautiful 666 Fifth Ave has 500,000 square feet available. That's 1/3rd of the whole building: it has 1.5 million of office space. That pesky building, it's always something.

6 Comments / Post A Comment

camelface (#4,600)

The way I see it, we’re two months from Kushner funding a Man Men-tinged, consumer facing, advertising campaign about “working in the buildings that brought Big Business to New York”

hershmire (#233,671)

I work smack in the middle of the "Plaza" area; total bros abound, from what I can tell.

hershmire (#233,671)

@hershmire Oh, and we're moving to 666 5th in two years. So there's some completely anecdotal evidence for you.

whizz_dumb (#10,650)

Another reason I like Oakland: barely ever encounter Bros. Wait, does that mean I am a Bro? Nnnnooo! No really, there are all sorts of weirdos but bros aren't very bro-y here. I'm sure some real meatheads are on their way over from the increased rents due to techies in San Francisco.

City_Dater (#2,500)

"Dude, have you ever tried to get a keg delivered in midtown in the middle of the day? It takes FOREVER, bro."

Bros Icing The Real Estate Market

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