Two of the top Manhattan office leasing brokers
said rents had further to fall on a panel yesterday, but Newmark Knight Frank CEO Barry
Gosin took a different stance. Robert Freedman, executive chairman of FirstService Williams said the
market needed another 12 to 14 months before hitting bottom, and large
sublease blocks needed to be absorbed first. Peter Turchin, executive vice
president at CB Richard Ellis, said it might be another year before
prices would pick up. But Gosin said following the fastest price discovery he had ever seen, leasing values are about at the bottom. “Usually I am the bear in the group, this is hilarious,” Gosin said. “I
think prices are pretty well established and I think we are bumping
along the bottom. I don’t think there is a significant decline left in
the market.” [more]