Financial Firms Scouting for New Office Space
Large financial services companies, anticipating business-friendly policies from the administration of President-elect Donald Trump, are looking for larger office space as leases near expiration. The financial-services sector believes it will expand if Trump cuts corporate taxes and pulls back business regulations. At the same time, banks are trying to put more people into less space, and are looking at less-expensive neighborhoods.
Still, it can take years to relocate. The lease on AllianceBernstein’s 600,000-square-foot office on Sixth Avenue expires in 2024, but the company is already looking at relocating to Hudson Yards, 4 Times Square and 1271 Sixth Ave. And HSBC’s lease on Fifth Avenue runs out in 2020, but it, too, is examining local offices.
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