(NEW YORK, NY) - On the eve of the seventh anniversary of the WTC tragedy, over 3,000 real estate professionals filled Lincoln Center's Avery Fisher Hall for The Real Deal's 4th Annual Development Forum. Constructing the future of Lower Manhattan is important, explained real estate tycoon Larry Silverstein (CEO of Silverstein Properties and WTC developer) during the "Surviving a Market Slowdown" forum.
Attendees had the opportunity to get advice from NYC real estate expert panelists, network and party later. "We don't get this chance every day," said an attendee when posing a question to the panel.
Although the panelists believed the market still has more falling to do, they acknowledged that there is plenty of upside coming to both the lower Manhattan and Brooklyn market in the years to come. Robert Knakal, founding Partner and Chairman of Massey Knakal Realty (with more than $5.5 billion worth of NYC building sales), explained how NYC building sales is still pretty strong. "There will always be some fool who wants NYC," added Barbara Corcoran, Founder of The Corcoran Group and Chairman of Barbara Corcoran Inc. which brings in billions of sales each year. R. Donahue Peebles, Chairman and Chief Executive Officer of the Peebles Corporation, believes Brooklyn is an emerging market. As the owner of the country's largest African American real estate development company with a $4 billion portfolio throughout the nation, he is actively looking for properties while in town.
The panel moderated by Brian Sullivan, a Fox Business Network anchor, also included Charles Kushner (Chairman of Kushner Companies, a prime commercial owner in NYC) and Steven C. Witkoff (Principal of the Witkoff Group with a portfolio that consists of over 11 million sq. ft. of properties).
Based on preliminary data from Jones Lang LaSalle shows that grade A office rents will fall in Hong Kong and Singapore in the fourth quarter (Q4) of 2011 and will grow more slowly elsewhere in Asia Pacific. Jones Lang LaSalle's market leasing experts predict that Hong Kong and Singapore are entering a rental level correction phase, ...
SL Green Realty and The Moinian Group announced this week that one of the world's leading consolidated marketing communications companies, WPP's Young & Rubicam Group, is relocating Y&R, Wunderman and their network companies to 3 Columbus Circle. Under the agreement announced today, the Young & Rubicam Group is taking approximately 340,000 square feet ...
As India's economy shows signs of decreasing GDP growth rate, the Indian real estate industry faces its own share of concerns. Ashutosh Limaye, Head of Research & Real Estate Intelligence for Jones Lang LaSalle India tells World Property Channel that real estate developers are reeling under high debt and FDI inflows have also slowed down.
According to the U.S. Census Bureau of the Department of Commerce, construction spending during October 2011 was estimated at a seasonally adjusted annual rate of $798.5 billion, 0.8 percent (±1.6%) above the revised September estimate of $792.1 billion. The October figure is 0.4 percent (±1.9%) below the October 2010 estimate of $802.0 billion.
According to Jones Lang LaSalle's latest Global Capital Flows Report for the third quarter of 2011, four out of the top ten most traded direct real estate city markets globally in the third quarter of this year were in Asia Pacific. Hong Kong, Tokyo, Shanghai and Sydney and all made the top ten, compared to four cities in the Americas and two in Europe.
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