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Staying competitive at the bottom.

There's no light at the end of the tunnel for the foreseeable future -- New York City will still be at the bottom of the real estate market in 1993 and probably in 1994. Leasing will continue chiefly based on renegotiations, consolidations, restructurings and other conditions representative of the current economic climate, with few expansions of any note.

How we can we stay competitive -not just regionally but nationally -when New York demands an additional profit of almost 10 percent by all businesses just to break even with the rest of the country?

At BOMA/NY, our two-fold survival strategy emphasizes beth the daily aspects of our business and preparation for the long term. As owners and managers we are preserving our properties and enhancing tenant retention through maximum service day in and day out. Service has always been part essential to our business; fortunately technology is creating greater productivity and freeing us to devote more time to addressing quality-of-life concerns and anticipating tenant needs.

As an organization which speaks for one of the largest industries in New York, our 1993 agenda calls for a reduction in the fundamental costs of doing business that affects the bottom lines of owners and tenants alike: Property taxes, filing costs, inspections, code compliance expenses, occupancy taxes and the multitude of fees and expenses that cumulatively make New York City the most expensive place to do business in America.

It is_imperative that the City and the State deal with these root issues systematically, and for our industry as a whole --not just a few major tenants threatening to relocate. We will be working with our fellow associations to use our collective clout to bring these bread-and-butter issues before regulators and policy-makers.
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Title Annotation:More Review & Forecast; City of New York, New York and state of New York must address issues of taxes, fees and expenses to keep real estate market competitive in economic recession
Author:DiCapua, Peter L.
Publication:Real Estate Weekly
Date:Feb 2, 1993
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