Office supply surge slowing down rent growth: Owen Thomas Boston Properties CEO riffs on impact of Hudson Yards and World Trade Ce上海千花网龙凤论坛
Hudson Yards an上海夜网
A surge in new supply in Manhattan’s office market is starting to make a dent on rents, Boston Properties CEO Owen Thomas said during an earnings call Wednesday.
“We see availability in New York, it’s hard to push it below 10 percent and in an environment like that it’s hard to push rents certainly above inflation,” Thomas said, although he added that he considers the office market healthy amid broad-based job growth. “I think the mix of ind上海贵族宝贝
The real estate investment trust’s president Douglas Linde said that a growing number of landlords are offering tenants concessions in the form of buildouts and flexible lease start dates.
Boston Properties owns several Manhattan office towers, including the GM Building, and is currently developing an office building in the Brooklyn Navy Yard in partnership with Rudin Management and WeWork.
The company’s net income fell to $76.8 million in the third quarter, down from $181.4 million a year ago, which the company attributed in part to accelerated depreciation expenses on Its Off爱上海同城对对碰
On SL Green Realty’s earnings call last week, the company’s CEO Marc Holliday dismissed the suggestion that the surge in new supply through megadevelopments at Hudson Yards and the World Trade Center could push down rents, calling the projects a “good爱上海同城手机版
Tags: Boston Properties, Hudson Yards, Owen Thomas We are having some technical difficulties. Try again later.
Your email address will not be published. Required fields are marked *