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The Resilient Office Market

NEW YORK CITY-The US will remain a dominant world power and New York City will remain its business center… and, all those businesses need office space, says Stuart Saft, a partner at Holland & Knight.

By Stuart Saft, a partner at Holland & Knight | Updated on May 24, 2013

NEW YORK CITY-Although the residential and retail markets are breaking records for their prices and only the paucity of product is keeping the number of transactions from exploding further, there is some concern about the recovery of the office market with a number of industry reports showing the volume of leases and rental rates softening slightly.

This follows news about businesses not creating jobs fast enough, or spending capital. However, these reports ignore the underlying strength of the New York City office market. In fact, we have seen similar reports over the last couple of decades of a softening office market and its subsequent decline, that never came to fruition.

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