At a New York Bar Association luncheon, CBRE's vice chairman Darcy A. Stacom explained that despite headwinds from the financial services industry, New York itself will remain a stable location to deploy capital – even with competition from London, Dubai and Tokyo.
“As tough as it's been, it is not all bad,” Stacom said. “[Financial] earnings last year saw a 30% increase from the previous year. Layoffs are rumored and some of them are happening, but there are no large blocks of space,” GlobeSt.com reported.
Stacom spoke Thursday.
