Scott Galin
Partner, CEO and president at Handro Properties and ESSH Investments
What’s moving the needle for the New York City’s Class B office market right now?
Value pricing is strong in B properties as the Class A market is beyond the reach of many tenants. The possibility of office-to-resi conversions is another factor. Conversions would reduce the overall stock of Class B inventory, increasing the value of existing properties.
Although it remains to be seen how many conversions of B office properties will actually come to pass.
Are there certain types of tenants that are particularly active in your portfolio year?
We’re in a good position in that we have very low vacancy across our portfolio, with a heavy focus on nonprofits and smaller firms within the professional services sectors.
What types of office perks or lease concessions are today’s tenants looking for?
B buildings are value propositions, so concessions are either free rent or tenant allowances, both of which are slightly lower as compared to the last several years.
We hear that things are getting more competitive on the tenant representation side. What’s the key to landing one’s “dream office” in 2026?
It is with great frequency that we are seeing competitive offers on the top-tier space, which we haven’t seen in years. In order to land a “dream space,” we encourage our clients to move quickly, when “the space speaks to them!”
The best space moves quickly even as those asking rents have escalated.
Ballpark estimate — what’s the highest rent you’ve secured so far this year?
As a third-party leasing rep, we arranged a Class A lease north of $150 per square foot. Within our owned portfolio, we have some leases as high as $60 per square foot.
Lightning Round:
Your AI platform of choice? Claude.
Who would play you in a movie? Dustin Hoffman or Matthew Broderick.
One prompt you’d never give AI. Brunson.
Jalen Brunson or Aaron Judge? “Odyssey.”
“Oppenheimer” or “Odyssey”? “Oppenheimer.”
Tom Holland, Andrew Garfield or Tobey Maguire? Holland.
Have you ever eaten pizza with a knife and fork? Yes.
The most money you’ve ever spent on a hamburger? $50.
Last book you read? Ike and Winston: World War, Cold War, and an Extraordinary Friendship by Jonathan W. Jordan and Legacy of Ashes: The History of the CIA by Tim Weiner.
Borrowing costs — up or down in 2027? Up a bit, then down.
What was your nickname when you grew up/started out? Energizer Bunny.
How long do we have before AI kills us all? 100-plus years.
Where’s your secret escape compound? It wouldn’t be a secret if I told you, but it’s south of the Mason-Dixon line.
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