Market enters '96 buoyed by attractive development.New York's office market enters 1996 buoyed by stable rents, the availability of attractive space and the revitalization of Times Square. Together with a number of recent major leases that indicate a stemming of the outgoing corporate tide from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and several rather dramatic events in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town South, the outlook for Midtown is bright, after a year in which activity leveled off. The rehabilitation of the New Victory Theater, the impact of the Disney projects and others along 42nd Street are turning Times Square into an attractive destination for visitors - and business. The upgrading of Times Square has already exerted a breakthrough in commercial office development, with plans by the Durst Organization to break ground in 1996 for a major new building - the first such speculative project in the Times Square area in years. The new Times Square also is having a positive impact on adjacent areas, as businesses now see 42nd Street as a soon-to-be top class entertainment center and visitor magnet. This is particularly true for the retail sector. Coffee bars, theme stores and family-oriented shops which previously shunned the neighborhood are bidding for space at 42nd Street and Seventh Avenue. Further east, plans to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. the Pershing Square area below Grand Central Station hopefully will have an impact similar to that of the renovation of Bryant Park Bryant Park is a 9.603 acre (39,000 m²) public park located in the New York City borough of Manhattan. It is bounded by Fifth Avenue, Sixth Avenue, 40th Street and 42nd Street in Midtown Manhattan.[1] The central building of the New York Public Library is in the park. . Together, these developments re-energize New York's premier position as the entertainment capital, encouraging additional entertainment companies to locate and open offices here. The flood of visitors seen in New York in the past year will continue to grow, as the City and areas such as Times Square are recognized as better places to visit Places to Visit (1999) is an EP released by British group Saint Etienne. It showed the band moving toward the experimental electronic sound that they would perfect on their next official full-length, 2000's Sound of Water. than their earlier reputations indicated. In Midtown South, CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. plans to move to one million square feet of space at 11 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. will have major impact on the already reinvigorated Midtown South neighborhoods, spurring other corporate moves and an influx of service firms. The opening of the Chelsea Piers Chelsea Piers, officially Chelsea Piers Sports & Entertainment Complex, is a series of sports and entertainment buildings constructed on four adjoining piers on the West Side of Manhattan in New York City. Sports Complex on the Chelsea waterfront and the further upgrading of Union Square will sharpen activity in Midtown South, attracting new stores and restaurants. Across Midtown, corporate tenants nearing the end of existing leases will find attractive space in desirable locations available to them. With rents stabilizing as landlords recognize the realities of the market, leasing activity will improve as companies take advantage of the existing values and trade up. The "flight to value" may characterize 1996. The influx and growth of entertainment finns and excitement of technology-related businesses will be major factors in the absorption of office space throughout the City. These developments further demonstrate New York's traditional attraction for companies that depend on what we might call "brain power" or the "content factor." Overall, there is significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar in the market and 1996 may well demonstrate the extent of this potential. |
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