'NOT COMING BACK': NYC commercial real estate facing record vacancies, low occupancy
The Peebles Corporation founder and CEO Don Peebles analyzes New York City’s commercial office space market amid a heavy drop in demand on ‘Mornings with Maria.’Friday, Peebles Corporation founder and CEO Don Peebles weighed in on the volatile housing market, arguing that New York City is suffering from a record-breaking number of commercial office vacancies because businesses are moving to "low tax environments." All cities aren't created equally.
Record-breaking vacancies, record-breaking low occupancy numbers, and that's affecting, of course, the retail around it and businesses that depend on that. But then if you look and say Miami, where Citadel just announced last week or the week before that they're moving their whole company to Miami and other firms are moving. Sidley Austin just opened up a Miami office or announced that they were going to do that. Their demand is significant.
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