New-York tribune., 1920-11-15
Business Space
Will Be Harder
To Find Later.
To Let Signs Now Appearing
Misleading and Give Inn.
preston Contrary to the
Truth, Says Realty Broker
Few Midtown Lofts Vacant
Many Places Leased to Febru-
ary l Rented Over Heads
of the Present Occupants
By Edwin II. Hess

Prior to the recent "landslide" cleo
tion l found it to be the consensus of
opinion of the ablest business men in
New York that definite Republican
victory would mean the stabilizing of
con dlfions for all legitimate business
enterprises in the United States, and
that the effect of this on real estate
end rental values in the City of New
York, would be to augment the demand
lor high class business space.
Indications since November 2 are
that the demand for such space. espe-
eially in the sections Of Manhattan
between Fourteenth and Fifty-seventh
streets, will greatly exceed the suprly
available by February I, on which date
the great majority Of business leases
expire and must be renewed or the
premises vacated.
Because of the fact that "to let"
signs have begun to make their ap-
pearance on buildings in which leases
expire on February /, but that are
FULLY rented now, certain biased in
terests have endeavored to capitalize
the situation by spreading reports
that business space will be plentiful
next year." and that business rents
are due to drop"
Statements to that effect are manu-
tactured out df whole cloth. are not
based on data, easily to be obtained.
nnd are misleading.
Few Vacant Lofts
AS matter of fact, there are few
vacant lofts, show rooms, floors or
efnces IN the central mercantile, or
midtown sections, while many OF the
premises leased to February have
been rented over the heads of the
present occupants to new tenants only
TOO glad of the opportunity, and at
rentals considerably higher than those
fald under the existing leases, MANY
9. which were made three, five or ten
years ago, at a time when business
space was on wholly different valua-
non oasis, and when it cost far less
TO build, own and operate business
buildings '''e''
This situation, together with the
prevailing lack of new construct;on
means a steady reduction in the SUNNY
OF space available for occupancy on
FEBRUARY l, for which reason we are
advising quick action"
mere has been, unfortunately, an on
tlrely erroneous impression created bv
frequent talk Of "no money for NV
apartment houses, because of recent
adverse legislation, but plenty for now
business buildings"
\, This has engendered the thought in
Che minds of the uniformed business
men that it is the part Of wisdom tn
defer renewing their present leases or
seeking new quarters.
Little Building Going On
Actually, there are but few new mer-
eantlie buildings being produced, ex-
cept IN such sections as the Terminal"
zone, where, it is quite evident, the de-
mand, due to the uptown business
movement, is quite strong enough to
absorb the additional supply. In the
midtown sections the additional supply
Of really high class buildings is mere
drop in the bucket"
Building funds, instead of flowing
INTO tenement, apartment and mcrcnn.
tie construction channels, actually are
ava'iable ava now only for highly special
lzed operations, such as garages, thea
tters. motion picture houses, banking
institutions, alteration jobs, specially