APRIL 27, 2007
PUT MINE ON THE SIDE
- New York Post
Featuring Abraham Hidary on the success of Hidrock's side street locations
Tenants faced with steep jumps in office rents and loss factors are retreating to side streets or smaller buildings and splitting operations to reduce their occupancy costs, brokers say.
"It's a question of price and location," said Mark Lauzon, senior director of Cushman & Wakefield. "You can't afford $80 to $90 a foot, so you will see a migration to these buildings in the 20s, 30s, and 40s. Those side streets off of Fifth Avenue have great buildings and used to get $20 a foot on a good day." Now those buildings are in the $40s, $50s and close to the $60s a foot, brokers say.
VIEW FULL ARTICLE