The VIX, which measures volatility in the stock market, is currently at historical lows. However, the turmoil in the hedge fund industry is increasingly high. As a result, some financial firms are downsizing or closing their doors. When the firms downsize, they assess their office operations and often seek to sublease some or all of their space. This presents other hedge funds, broker dealers, and money managers with an opportunity to save money by leasing new space when the sublets hit the market.
Financial firms with many traders and computers have extensive infrastructure needs such as: supplemental air conditioning, ample voice and data wiring, built-in trading desks, and high-end furniture and phones. Given these IT and HVAC requirements, their spaces often need costly build-outs to ensure smooth trading operations.
When the financial firms then sublease their space, the space is often prebuilt with an extensive infrastructure already in place. The new subtenant can gain the use of expensive office features—at minimal cost—instead of having to build the space themselves.
Time is of the essence for the savvy financier to swoop in and scoop up one of the great deals described below. Contact Wharton Properties today to learn about these offers!