re a monument to the corporation,” says Lisa Picard, CEO and president of Blackstone s Equity Office. “Now, if it feels corporate, that’s the kiss of death.”
The numbers support her theory: Colliers research team noted vacancy rates were up to 11.5 percent in Boston last year in the fourth quarter while in Manhattan, the firm expects about 8 million square feet to be vacant in the coming years.
To keep old tenants and attract new ones, landlords are getting creative: Boston Properties reportedly dropped $100 million to renovate 399 Park to include bike valets among other new features, while Brookfield s tenant JPMorgan Chase is renting new space for its software engineers in 5 Manhattan West which will be outfitted with soundproof rooms for playing music or games.
[Bloomberg] Erin Hudson
Tags: blackstone group, Boston Properties, Brookfield Property Partners, Commercial Real Estate, office market
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