On December 8, over 20 YLGs gathered to learn the essentials of commercial real estate from two industry experts. The two-hour class, taught by Peter Turchin, Vice Chairman, CBRE and Christie Harle, First Vice President, Agency Group, CBRE, touched on key terms including positive and negative absorption rates and what it means to be a “landlord’s market.” Turchin and Harle, who frequently teach a version of this course to their Developer/Owner/Operator clients, shared their wealth of knowledge to a group of diverse industry professionals including students, architects, asset managers, and developers.
Following a review of misnomers and terms, Turchin and Harle went through over a dozen Manhattan submarkets, detailing the preferences of legal tenants versus hedge fund tenants, for instance, and the going price per square foot. Though the class generally took a macro approach, it also went into nuances regarding the evolving building stock and the choices tenants make as buildings undergo renovations. The average Manhattan office building, we learned, is 75 years old, and the decisions being made follow certain trends. Terraces, once considered a waste of space, are now a sought after amenity and coveted as a communal space for employees to convene. Looking at the colorful map of Manhattan submarkets and reflecting on opportunities for growth, Turchin commented, “we need a lot more transportation in a lot of different places.”