Real estate enjoying post-election optimism - real estate industry experiences increased activity since 1992 Presidential election - Architecture & Interior Design

Real Estate Weekly, Dec 16, 1992 by Michael Kleinberg

Could it be that there is a ray of optimism within the real estate community?

Since the presidential election last month, there has been a marked increase in activity for both lease signings and new leads. The very fact that there is a new administration coming in has raised peoples hopes and one can see the sunshine on the horizon. As we work with landlords, brokers, and facility managers, the design Community may well be a good barometer for measuring economic growth. Over the past three years, there have been a tremendous amount of layoffs in most fields, which has produced a large amount of start-up companies. These companies are headed by bright, knowledgeable, and experienced personnel, who will, for the most part, be extremely successful. These new seeds will be partially responsible for the growth of the middle 90's. This is why many landlords have been extremely successful at pre-built small space programs to fill the space needs for these new companies. As the start-up firms grow, they will most certainly take larger space within the building, if available. We have been involved with Carnegie Tower in sticking with small firms as they grow. In addition, there are proposals for a half dozen buildings to accommodate the users on an immediate basis. The start-up companies fill the spectrum from entertainment to financial trading firms, and from foreign corporations to service firms. Government agencies are also taking blocks of space, some of it in the Downtown area.

In order to survive and flourish through the 90's and into the 21st century, architects and designers must offer service; service to the real estate community including brokers, agents, and landlords. This includes CAD services as they relate to programming, planning, and scheduling. It is a must to understand lease provisions as they relate to construction, HVAC, and electrical. But one must be able to think and relate to all parties involved in a transaction and aid in its eventual closing. In a recent case, I was able to bring a tenant and landlord together who were not speaking, and help close a deal.

In another situation with one of Midtown's large landlords known for red tape, MKDA was able to establish guidelines for rules and construction which benefitted the tenant before leases were signed.

I am very confident that the balance of the 90's will be a growth period, a time for the financially strong firms to flourish.