Commercial markets show signs of vitality.Following a protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. period of profound malaise, the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. commercial real estate market is showing distinct signs of vitality. One need look no further than Midtown for evidence of a pronounced recovery hesitancy hes·i·tan·cy n. An involuntary delay or inability in starting the urinary stream. among space users of all sizes, acutely aware that the market, for so long tipped in dramatic favor of the tenant, is fast returning to equilibrium. And perception in Midtown is indeed reality: landlords, eager to embrace the changing tides, are already responding, holding, more firmly to workletter and concession packages, slicing free rent periods by as much as 10 percent. Consistently outpacing other market segments in leasing volume, Midtown has begun to outpace itself, cutting into its availability rate, while rental rates are holding firm. Moreover, large blocks of space, once the bane BANE. This word was formerly used to signify a malefactor. Bract. 1. 2, t. 8, c. 1. of ownership, are at a premium, with only a handful remaining. Fueling the surge is the much-welcome growth in the financial service and related industries. Commercial banks, investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. , and the associated law and accounting firms, have witnessed renewed vigor this year, which is likely to continue over the short-term. Downtown, while falling short of Midtown's robust fortunes, has experienced improving health this year. The continued growth of its core financial tenant base, combined with the spillover spill·o·ver n. 1. The act or an instance of spilling over. 2. An amount or quantity spilled over. 3. A side effect arising from or as if from an unpredicted source: effect of Midtown's vibrancy, should be formidable in propelling Downtown ahead on its road to recovery. The newly organized Downtown BID is certain to fortify for·ti·fy v. for·ti·fied, for·ti·fy·ing, for·ti·fies v.tr. To make strong, as: a. To strengthen and secure (a position) with fortifications. b. To reinforce by adding material. this nascent rebound. In addition to devising a host of ambitious plans for the area, the BID is creating an equally critical positive psychological momentum among business leaders, area tenants and owners. Perhaps the most tangible sign of recovery is new development. With the 15 Columbus Circle project underway, the Rockefeller Center and 383-385 Madison Avenue projects likely to proceed, and a deal for the Coliseum site rapidly materializing, the site of cranes, almost forgotten, will again mark the city skyline. Finally, and of critical importance, is the advent of a staunchly pro-business city Administration, which alone will be a powerful force in nurturing and expediting the city's recovery. |
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