REBNY meeting

Tenants who want to sublease their unused office space need to offer
the best portions of their locations, not secondary or worn-out
corners, if they expect to see it leased in today’s competitive market,
a top leasing broker said. The broker, Peter Turchin, a senior vice president at full-service brokerage CB Richard Ellis, said he was telling clients that subleasing
support space on floors without conference rooms or reception areas was
nearly impossible. “You are going to have to compete with that better-built space that is
out there. Be prepared to give up the best part of your space for the
longest term,” he said. Turchin gave the sobering report at a panel hosted by the Real Estate Board of New York in their Midtown offices last night. [more]