I once explained to a group of Bankers that “Real Estate Guys” are like heroin addicts, and that as long as they are willing to make their money available it will find very willing recipients, until they are cut off.  Perhaps, this was not the smartest thing to say, but it is as good an [...]

Probably half of the major office buildings purchased in the last five years are totally over-leveraged.  Sooner or later the ownership of these buildings will be wiped out by their inability to refinance prior overvalued purchases.  Will we end up with a ton of bank owned property?  Is there significant cash waiting on the sidelines [...]

As of April 1, there were 4,564 units of office space, between 2,500 and 10,000 square feet, listed in the 18 submarkets of Manhattan.  Of these units, 871 (or 19.1%) were subleases.
The question in my mind is, how many tenants are looking for space in this size range and are ready to commit? How long [...]

As of March 23, there are 690 office space listings available in the Grand Central submarket that are between 2,500 and 30,000 square feet.  The break down follows:

310 spaces are between 2,500 and 7,500 sq. ft.  Of these, 28% are sublets
192 spaces are between 7,500 and 15,000 sq. ft.  Of these, 31% are sublets
188 spaces [...]

Commercial Real Estate has fallen prey to the same forces that obliterated the financial markets—or perhaps better said, the Commercial Real Estate office rental market is in freefall, as a result of the sea change in the financial markets.
CRE has always relied on the health of the economy, but alas, the economy was too healthy, [...]

Everybody in commercial real estate is being so much more pleasant to each other than they had been in the past few years.  People answer their phones, respond to email requests, and generally seem to care about what Tenants want.
This is very different from the atmosphere that pervaded the marketplace up until about 3 or [...]