Recovery not as deep as we had hoped.While real estate in the tri-state region For other tri-state regions, see .
The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. is definitely experiencing a long-awaited upturn, the market is not yet as recovered as many of us in the industry would like it to be. Nor is the recovery as deep as we hoped.
Work allowances and free rent have been reduced, and negotiation times are shorter, all of which are indications of an improving market. But quoted rents have not moved much in the last couple of years.
However, things are better. Much of the recovery in the Manhattan leasing market is attributable to media, publishing, super-regional banks, finance, entertainment and high-technology companies. At 1185 Avenue of the Americas, for example, we leased more than 80,000 square feet in 1996 to publishing houses Addison Wesley Longman, Inc. (a division of Pearson, PLC), and Time Venture Publishers, Inc. We also leased 25,000 square feet to Sanwa Securities, a division of the Japan-based Sanwa Bank.
Another aspect of Manhattan real estate that's very strong is its retail. As the quality of life and safety in 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. continue to improve, the number of international and national retailers that see New York City as an ideal market for new locations is increasing, and they are opening larger stores here.
Furthermore, as the city's retail presence strengthens, more destination shopping concentrations are developing in key locations with excellent mass transportation and good daytime Daytime may refer to:
worker and residential concentrations.
Areas such as Union Square, Broadway between 14th Street and Houston, the "Ladies Mile" along Sixth Avenue, Times Square, and 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. between 65th and 75th Streets, all have increased their number of retail stores, consisting of both core "anchor" retailers and smaller shops.
Our confidence in Manhattan's retail market is reflected in our recent purchase of a full square block of 100 percent leased retail shops as a condominium condominium
In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. unit in Zeckendorf Towers on Manhattan's Union Square. With intensive marketing and management, we plan to bring this development up to its greatest potential.
However, Manhattan still faces obstacles in its leasing market. For example, many of the new leases in Manhattan are tenants making lateral moves and consolidating space, instead of expanding.
The Westchester and Fairfield County Fairfield County is the name of three counties in the 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 tenants. Fairfield County is well on the way to a complete recovery, attracting both corporate users and entrepreneurs in the areas of finance, insurance, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , shipping and real estate. Westchester County is very much on track to making a full recovery.
What's more, tenants, both in Manhattan and the suburbs, are requiring more than ever from property owners and managers. In order to meet the challenge of increasing demands for service and guidance, we have developed a corporate philosophy of profiting by solving occupancy problems, rather than simply buying and marketing real estate.
Accordingly, we have created a turn-key deal-making system that meets brokers' and tenants' needs for more leg work and decision-making assistance. Our system assures that answers to all questions, and solutions to all tenant problems, are directly addressed by W&M at the marketing offices of each of our properties.
Overall, both the Manhattan and suburban markets are making a slow, but steady, recovery. However, as downsizing (1) Converting mainframe and mini-based systems to client/server LANs.
(2) To reduce equipment and associated costs by switching to a less-expensive system.
(jargon) downsizing and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. increase, the market is becoming more demanding than we have ever seen before. In order to succeed, property owners and managers will have to respond better, and faster, to tenant needs, be flexible enough to solve any tenant problems, and provide ready access to vital decisionmaking information.