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SLG Green CEO Marc Holliday on commercial real estate and the sectors seeing growth in New York City.
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Home builder sentiment rising to its highest level since the housing bubble burst back in 2007.
The -- heavily -- on the floor of the New York Stock Exchange with someone -- right on the front lines of the real estate business wanna hear this -- Now when you talk about real estate wanna birthday that comes up here particularly on the east -- -- mark holiday the CEO.
-- SL green here today to celebrate their fifteen year anniversary on the floor of the New York Stock Exchange.
Largest property owner commercial property owner in New York City I want to talk about a few things that you are seeing in our area where what.
Groups aren't seeing the growth as well.
It's a pretty broad and diverse group of industries that are growing right now particularly media.
Publishing.
Professional services but most notably technology.
Which really isn't -- all that prevalent.
In the city over the past.
Five or ten years old son has taken down big blocks of space and traditional and nontraditional locations in Manhattan that's really excited.
Yes and analysis that's actually talked about tech boom here right here in Manhattan -- -- that they mentioned was some that you sit on your conference call pertaining to that election.
In the fine you're seeing -- -- customers waiting to see what was 11 better than the other for business you know it that there Obama Romney which one.
Well you know -- there's a cautious approach I think among.
Certain of the businesses right now they wanna get past the election they want to have a better sense of where.
Things are headed in the -- be operating in but I will tell you that it's still a very good environment it's at 9% vacancy rate in Manhattan.
Tenants -- -- space and 77000 new jobs were created.
This year in New York -- -- -- -- pretty well for the future of the city.
All right and how about the dividend I mean when we talk about SL green great company and we talked about the fact of the stock over the fifteen years is up 6600%.
-- -- your dividend actually.
Is at last -- -- competitors.
Why there -- that's that's intentional we manage this company for growth.
Not for -- two types of companies out there.
The shareholders re attractive people who want to see is reinvest their earnings and reinvest our.
-- profits in Manhattan office properties and keep that share price -- that we pay dividends but we're focused on growth.
And separate depreciation.
All right and I should disclosed by the way that mart actually might rather near -- eighteen and Harry yeah brought this -- My brother mark's father my mother got married about twenty years -- -- we've been waiting for.
Work together here are your parents had pastel green -- -- Right here is plainly look -- -- Li I mean I was born American for soccer -- -- our.
Just covering business no better way to celebrate fifteen years.
LA so grave and the family of bad yeah.
It was pretty how -- -- tank.
Tests -- -- is a fascinating company to be able to see exactly what's happening in commercial real estate so good job thank you very much.
