Richard Persichetti, director of New York research for Grubb & Ellis, said that when the economy started to slide, office rents fell faster than in any period recorded in at least 50 years. The city has become stuck with more available office space than any other central business district in the nation except Chicago, Washington and Boston. Mr. Persichetti predicts it will take until 2014 to make a major turnaround.
“Rents probably won’t start to recover until job growth is created and some of that available space is absorbed,” he said.
HMMM THE BIG THREE OBAMA CITIES: DC, CHICAGO AND BOSTON (VIA TEDDY).
D'YA THINK LIBERAL POLICIES HAVE A LITTTLE EFFECT?
YES.
HIGH TAX CITIES IN HIGH TAX STATES ARE NOT AS GOOD AT GROWING AS LOW TAX CITIES IN LOW TAX STATES.
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