"W" And The Suite Wars

POSTED ON 12-26-2017 FOR SHARED LAW OFFICE BY NEAL LERNER

It appears that national executive business centers are in a war to eliminate each other. They were always in competition, but never before against such a strong adversary as "W", the name we shall not speak.

W has proactively absorbed a considerable amount of bandwidth on Google, in what was already a crowded vertical for fractional office space rental. W's pull has reduced the transaction velocity in the rest of the market for individual offices and this is being felt by sublessors as reduced quantities of inquiries, inspections and executed subleases.

W has the profound luxury of operating with OPM as they have been very successful with external investment - and everyone else is feeling the pinch. We don't know if this is permanent or not, but the truth for the marketplace is that the competition is so well financed that the reduction in transaction velocity being experienced by everyone else is not likely to end in the near future. This is the new reality we all have to deal with.

Attorneys are somewhat insulated from the effect, because they often gravitate towards other law firms for fractional office space requirements. However, they are not immune, and law firms with extra offices report the exact same velocity issue as the executive suite office providers.

We have several listings that should be of interest to attorneys looking for space in the premises of a larger law firm.

On the brighter side for renters, we have a number of listings with recently reduced prices in a variety of Manhattan submarkets. Click to View and contact the advertisers.

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