WBEN NewsRadio 930>Audio & Video on Demand>>Jim Militello, JR Militello Realty

Jim Militello, JR Militello Realty

Dec 7, 2012|

on the HSBC Tower

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Automatically Generated Transcript (may not be 100% accurate)

It it's a normal ebb and flow and any marketplace and Alex. -- tell people to take a deep breath and relax you can look back to one. Suppose lea -- long collapsed and empire America collapsed and we had. You don't -- -- small vacancies in the bowl poems and it was vacancies in the market respond pretty nice -- that people postal. I don't mean to make light of distrust that's involved. For the property owners -- -- they're pretty skilled and a sophisticated folks. This is not the only guess that they care they ought to do you think it's going to be a challenge. But in network challenged. Presents opportunities to a lot of people. It's still very well positioned building that's a policy yes that needs a little work. To adjust to perhaps -- Market components. But I think I think couldn't do well from my standpoint protection in the distance. It's a great opportunity for some other tenants comment -- and get a good deal. From the marketplace to HSBC. A lot of the jobs stayed around. -- out for road MT bank and first Niagara a couple of employment there of course did you speak to -- up to the -- -- the impact on the economy to my degrees somewhat. Mitigated. The that this was one where the story space in the region. And you know downtown. Were a pretty good markets under. Word significant city. Good base patents and equal to well. There's a lot of components that go into. Putting together at least transaction -- or need for -- office space. There are different market segments. The each species that it was competing for the higher end market. The classic market which some more expensive. Base and speak. And the majority the office space in downtown buffalo it is my belief is still going to be price. Below and HSBC center may offer some of these. Rank and -- also speak the majority of the landlords and -- and it spaces and buffalo. Are going to see much to change in the economics of the respects or -- here at a lower cost. Oh there's more to the approach. That the owners may take with PS. The direction -- -- go after before we can respond to what it is it's going to be on the market. We don't know the end product we just can't assume it's point two. Stay exactly the way it is and be just put out a lower price it could be. The best examples he thought. You know we could panicked one. The shuttle's under camped out to -- Exxon earned errors. 3400000. Square feet of space. That we panic no. Really good developer get all the -- shall not yes. -- that happens all the time. And it may happen here and in the Israelis say that this thing that everyone should. Give them -- for hours the current owners are very high -- sophisticated. Real estate group. Let them plot and plan where you can go much -- -- the product that they put on on. I think pretty mentioned. About looking at mixed use. Which is try and that's occurring every -- that would Peru hotel lot Fiat recent proposal for. Medical campus. Tropical building local term needs to just a lot of things. Excuse could be anything from hotel retail residential office space cannot. And I think all posts are possibility. It requires. Reinvestment. -- -- a decision by the the ownership to pursue those markets but it it is opportunities that are. I mean let's face it right now as much I think most because the the the bills aren't doing well we tend to look at ourselves and very negative way. But it really take back tickets that Beckham look at what's going on the waterfront the medical campus you know that downtown core you know -- until. That a lot of good things go to ground missile capital be reinvested. There's a lot of difference. In this region now. And I -- an -- long time. It used to be very difficult. To say to people want to come downtown. Now don't count the area that people first look to its content than the trendy place to be. And there's always a little bit shift from the marketplace from one market to the other. Back in the day -- kind of slow down tumble flow for Amber's. I think -- opposites -- -- a lot of suburban tenants that are Regis the marketplace in downtown buffalo. And you can find yes -- like HSBC's honor. Will be just what we need. To capture that market -- So I sympathize and I feel bad for the ownership at a -- -- anyone's money. But I think that -- lost might be pepper. And there may be some really good upside. -- state approached the market right way.