Exclusive outtakes from industry leaders
New York and a handful of other major U.S. cities are down, but will never be out as far as their commercial real estate goes, a leading New York real estate private equity investor said Monday at the Reuters Global Real Estate Summit.
“New York’s not going away- it’s THE global city.”
Second tier cities are another matter entirely, said Thomas Shapiro, president of GoldenTree InSite Partners. “We are a big believer in the big city theory which is that the bigger cities will continue do better, to the detriment of secondary cities.”
Companies always go to where the best talent is, he explained, meaning cities such as his big five– New York, LA, San Francisco, Boston and Chicago– remain magnets, their status self-perpetuating
“Goldman Sachs is not moving to Miami because the intellectual capital is in New York- ditto Boston, ditto San Francisco, ditto LA.”
Today I had the chance to sit down with the CEO of Liz Claiborne in our Times Square studios as part of the 2009 Reuters Global Retail Summit. Bill McComb says “the world has changed and it’s not going back to business as usual.” Click here to listen to what McComb described as the “new normal” and what the fashion company is doing to change the way it does business.