I hate to sound negative but …

It’s Pollyannish headlines like this one, generated by my industry, that drive me to it. I don’t want to join the mainstream media’s hysteria but now that The One will be running things they’ll go positive and I can throw cold water on their silliest claims, without shame. I look forward to it.

Greenwich commercial real estate just swell.

Despite economy, town commercial properties should hold their own

By Keysha Whitaker


STAMFORD – While the country may be heading into the worst segment of the recession, Greenwich commercial real estate probably won’t be as hard hit.

“Greenwich, historically, has always done well,” said Thomas O’Leary, senior director at Cushman & Wakefield of Connecticut Inc. “There are still people that want to be in Greenwich, especially as prices come down.”

On Tuesday, Cushman & Wakefield, a private commercial real estate services firm, released its year-end report for the Fairfield County commercial real estate market.

New office leasing activity for Class-A space in the region totaled approximately 1.8 million square feet (msf) in 2008, down from the nearly 3 msf leased in 2007, the lowest level since 2001, according to the report. Available direct Class-A space in Fairfield County jumped to 3.7 msf in the fourth quarter, up from 2.9 msf at the close of 2007.

So “holding their own” means new space leasing is off 40% and vacancies are up 27%. I’d hate to see what a bad market looks like.

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One response to “I hate to sound negative but …

  1. anonymous

    Usual nonsense in media…combination of people “talking their book”, denial, poor knowledge of basic economics and leveraged capital, moron journalists, etc etc

    During ’07 and into ’08, media and various industry execs claimed it’s a subprime-only issue; Chindia, Russia and Mideast are immune/decoupled vs US meltdown; financial industry of NYC/Greenwich is decoupled from non-financial “MainStreet” of rest of US; the US wealthy will continue to consume, preventing US recession; Manhattan real estate (esp 15 CPW) is “special” and isn’t dependent upon US financiers as buyers…the global wealthy will allow Manhattan to avoid depreciation….blah-blah

    Been rolling on the floor laughing for months reading the various absurd claims….I suspect really smart hedgies like John Paulson have made some of most accurate, publicly-stated views re: depth and complexities of the issues ahead….

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