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High vacancy rates mean rethinking the norm for Rochester's Clinton Square

Rochester Business Journal, 2023-06, Vol.39 (4), p.8-24

COPYRIGHT 2023 BridgeTower Media Holding Company, LLC ;Copyright Rochester Business Journal Jun 23, 2023 ;ISSN: 0896-3274

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  • Title:
    High vacancy rates mean rethinking the norm for Rochester's Clinton Square
  • Author: Oklobzija, Kevin
  • Subjects: Central business districts ; Commercial real estate ; Corporate headquarters ; Economic aspects ; Flooring ; Interest rates ; Leasing ; Management ; New York ; Office buildings ; Office space ; Refinancing ; Vacancies
  • Is Part Of: Rochester Business Journal, 2023-06, Vol.39 (4), p.8-24
  • Description: [...]even as law firm Nixon Peabody LLP, the anchor tenant from Day 1, renews its lease and second-floor space is re-created for the arrival of the Greater Rochester Chamber of Commerce, building owner Home Leasing must confront vacancies. "Should building owners want to renegotiate or refinance the terms of their loans because of financial strain, they will face tougher terms and higher interest rates," the U.S. Government Accountability Office wrote earlier this month. Home Leasing primarily develops affordable housing, though the firm did create market rate townhomes, as well as Charlotte Square, a 72-unit apartment community in the city's East End that is perpetually leased and has a waiting list.
  • Publisher: Rochester: BridgeTower Media Holding Company, LLC
  • Language: English
  • Identifier: ISSN: 0896-3274
  • Source: AUTh Library subscriptions: ProQuest Central
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