Quote:
Originally Posted by aquablue
The news today in the WSJ suggests the office market is going to flooded with space soon and the financial services industry is getting smaller.
|
I didn't read the article, but if what you're posting is true, the article is stupid.
There are roughly 500 million square feet of Manhattan office space, and Manhattan has, by far, the lowest vacancy rate in the U.S.
The only way that one could "flood" Manhattan with office space is to build minimum 100 million square feet of space or something.
And I guarantee that nothing close to 100 million square feet is u/c. Probably little more than 10-15 million square feet.
Financial services, BTW, are doing just fine. Big banks have issues, but they're still highly profitable, and that's just one portion of the securities industry. Smaller outfits are doing very well by filling in the gap left by the retrenching bigger firms.