City’s real estate boom ending

October 01, 2008 12:34PM

If it wasn’t over already before the meltdown on Wall Street, the New York Times reports that New York City’s real estate boom is ending as financing disappears and corporations opt not to move to new offices in case layoffs or decreasing rents change the office rental landscape. HSBC last week backed out of an agreement to move to 7 World Trade Center when the bids for its current space at 452 Fifth Avenue turned out to be lower than expected. Law firm Orrick, Herrington, & Sutcliffe decided to remain at 666 Fifth Avenue instead of signing its planned lease of 300,000 square feet at Citigroup Center.

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