New year, new regime, new optimism.
Are better days ahead for New York's commercial real estate market?
No one can be certain, but it does appear that there are more reasons for optimism entering 1993 than there have been in recent New Years past.
Right at the top of the list is a new administration eager to prove that it can make a difference. While it will take some time before the results of its economic policies are in, the energy and enthusiasm of new leadership in Washington certainly can't hurt.
Likewise, while leasing activity in New York City hardly set any records last year, we experienced a steady increase in demand for space at more than the dozen Manhattan buildings we own and manage in Manhattan. Early indicators point to a strong level of demand in 1993.
As the recession lingers in many sectors of the economy, the great majority of corporate space users will continue to place a high priority on value; in other words, finding quality space for the best price will remain very much in vogue. As a result, I strongly believe that owners who are willing to invest in serious upgrading in an effort to make their property competitive, will ultimately reap the rewards of that decision.
That has certainly been our experience. A few years ago we launched a carefully conceived, multi-million dollar capital improvements program designed to upgrade, over a period of years, our entire portfolio of properties. The results have been gratifying.
As part of this effort, we completed a major restoration and modernization at 251 Park Avenue South last year and this year we are beginning the major phase of a similar effort at our showcase office building at 212 Fifth Avenue.
In addition to new lobbies, elevator controller cabs and other capital improvements to common areas, the F.M. Ring program also incorporates two other important features -- new building installations of the highest quality and flexible terms and prices that reflect a keen sensitivity to market conditions. Those elements, together with our long-standing history of timely payments on brokerage commission, has helped refocus attention on our buildings and the tremendous opportunities they offer for space-users in the current marketplace.
No one can be certain, but it does appear that there are more reasons for optimism entering 1993 than there have been in recent New Years past.
Right at the top of the list is a new administration eager to prove that it can make a difference. While it will take some time before the results of its economic policies are in, the energy and enthusiasm of new leadership in Washington certainly can't hurt.
Likewise, while leasing activity in New York City hardly set any records last year, we experienced a steady increase in demand for space at more than the dozen Manhattan buildings we own and manage in Manhattan. Early indicators point to a strong level of demand in 1993.
As the recession lingers in many sectors of the economy, the great majority of corporate space users will continue to place a high priority on value; in other words, finding quality space for the best price will remain very much in vogue. As a result, I strongly believe that owners who are willing to invest in serious upgrading in an effort to make their property competitive, will ultimately reap the rewards of that decision.
That has certainly been our experience. A few years ago we launched a carefully conceived, multi-million dollar capital improvements program designed to upgrade, over a period of years, our entire portfolio of properties. The results have been gratifying.
As part of this effort, we completed a major restoration and modernization at 251 Park Avenue South last year and this year we are beginning the major phase of a similar effort at our showcase office building at 212 Fifth Avenue.
In addition to new lobbies, elevator controller cabs and other capital improvements to common areas, the F.M. Ring program also incorporates two other important features -- new building installations of the highest quality and flexible terms and prices that reflect a keen sensitivity to market conditions. Those elements, together with our long-standing history of timely payments on brokerage commission, has helped refocus attention on our buildings and the tremendous opportunities they offer for space-users in the current marketplace.
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| Title Annotation: | Review & Forecast, Section V; commercial real estate market expected to improve for New York, New York |
|---|---|
| Author: | Ring, Frank |
| Publication: | Real Estate Weekly |
| Date: | Jan 27, 1993 |
| Words: | 363 |
| Previous Article: | RE can lead NYC out of the recession. |
| Next Article: | Despite some light, dark days to continue. |
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