I've been meaning to say a few things about the Mid-Year 2009 Costar Office Report for the New York City Office Market.
Costar is a MLS system in NYC for commercial real estate brokers. MLS = Multiple Listing System. FYI all the brokers in NYC use the same database. In commercial real estate we all work together and everything is upfront and accessible with shared listings. They publish a report every quarter that is highly replied upon to foresee trends.
What's different about this quarter’s report?
The market net absorption for the overall NYC office market has been negative solidly for Class A, B, and C space since the third quarter of 2008. For the first time one of the classes has squeaked into positive absorption.
This past quarter Class C office space recorded net absorption of positive 368,319sf compared to -467,874sf in the first quarter, -219,596sf in the fourth quarter 2008, and -286,859sf in the third quarter 2008.
WOAH!
Class A & B buildings were still dumping more space onto the market this quarter and in the negative but the fact that Class C has a positive absorption is very telling. We have finally reached and gone beyond a standstill in Class C. The space coming onto the market has reached a peak and now while A & B classes may still be giving up more expensive spaces in higher class buildings they are finally beginning to take space quicker than it comes on the market in Class C.
Do you get that?
So if you have been waiting for the bottom and you read the news and think it hasn't come yet, statistics say that if you want a Class C space, the best deals in the city, now is the time as absorption is up.
Please feel free to contact me directly if you'd like to discuss this subject further.
Sincerely,
Heather Rae Hatton
Thursday, August 13, 2009
Quote of the Day and my thoughts on 'hard' v. 'soft' stuff.
The soft stuff is always harder than the hard stuff.
--Roger A. Enrico, member, Advertising Hall of Fame
And ain't it the truth!
I've decided that it's time to incorporate a few of my own thoughts on each 'Quote of the Day'. I choose the quotes randomly based on my state of mind when I sit down to do it. This morning I'm working on my patience as August seems to be a slow month and a lot of people I've been working with are suddenly on hold with summer getaways.
So what does this quote mean to you?
The soft stuff to me is the day to day tasks, the things that become monotonous. It's trying sometimes to adhere to routine. Maybe it's the rebel in me that hasn't fully given in to the professional lifestyle. As an independent contractor I institute my own quotas and expectations. It's hard not to go easy on yourself.
Soft stuff is also communication. Whereas confrontation usually has an immediate result, building relationships and gaining trust and consistency is an ongoing process that takes determination and tenacity. That soft stuff is a commitment.
On the other hand confrontation is some hard stuff. Dealing with uncomfortable situations is hard stuff. That kind of hard stuff that seems like the toughest part of the job IS actually the easiest once you get down to it and jump whatever hurdle seems to be in your way. The thing is, calling anything 'hard stuff' is usually due to pride, emotional reactions and ego.
I could get quite verbose but you get the gist of the way I think.
I'll bring you more tomorrow.
Sincerely,
Heather Rae
--Roger A. Enrico, member, Advertising Hall of Fame
And ain't it the truth!
I've decided that it's time to incorporate a few of my own thoughts on each 'Quote of the Day'. I choose the quotes randomly based on my state of mind when I sit down to do it. This morning I'm working on my patience as August seems to be a slow month and a lot of people I've been working with are suddenly on hold with summer getaways.
So what does this quote mean to you?
The soft stuff to me is the day to day tasks, the things that become monotonous. It's trying sometimes to adhere to routine. Maybe it's the rebel in me that hasn't fully given in to the professional lifestyle. As an independent contractor I institute my own quotas and expectations. It's hard not to go easy on yourself.
Soft stuff is also communication. Whereas confrontation usually has an immediate result, building relationships and gaining trust and consistency is an ongoing process that takes determination and tenacity. That soft stuff is a commitment.
On the other hand confrontation is some hard stuff. Dealing with uncomfortable situations is hard stuff. That kind of hard stuff that seems like the toughest part of the job IS actually the easiest once you get down to it and jump whatever hurdle seems to be in your way. The thing is, calling anything 'hard stuff' is usually due to pride, emotional reactions and ego.
I could get quite verbose but you get the gist of the way I think.
I'll bring you more tomorrow.
Sincerely,
Heather Rae
Wednesday, August 12, 2009
Quote of the Day
I've never run into a guy who could win at the top level in anything today and didn't have the right attitude, didn't give it everything he had, at least while he was doing it; wasn't prepared and didn't have the whole program worked out.
--Ted Turner
--Ted Turner
Tuesday, August 11, 2009
Quote of the Day
Treat all disasters as if they were trivialities but never treat a triviality as if it were a disaster. - Quentin Crisp
Wednesday, August 5, 2009
Quote of the Day
"Somehow I can't believe that there are any heights that can't be scaled by a man who knows the secrets of making dreams come true. This special secret - curiosity, confidence, courage,and constancy, and the greatest of all is confidence. When you believe in a thing, believe in it all the way, implicitly and unquestionable." -- Walt Disney
Tuesday, August 4, 2009
Quote of the Day
"Your mental attitude is something you can control outright and you must use self discipline until you create a positive mental attitude – your mental attitude attracts to you everything that makes you what you are."--Napoleon Hill 1883-1970, Author of "Think and Grow Rich"
Monday, August 3, 2009
Quote of the Day
"It isn't what you have, or who you are, or where you are, or what you are doing that makes you happy or unhappy. It is what you think about." --Dale Carnegie (1888-1955)
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