Prestige Properties knows that it is a risk to break ground for the first suburban-style fashion mall to be built in New York City in nearly 40 years, but it's one that they are willing to take. Indoor malls have received mixed reviews, with shops at The Time Warner Center thriving, while outlets at the South Sea Seaport have struggled.
As previously reported on in this blog, New York is the new place to be for technology companies, and Sony has no intentions of being left behind in the search for New York City office space as it hopes to bounce back from a record $5.7 billion loss in the last fiscal year, which ended in March.
After the dot-com bubble burst in the early 2000s, many of the technology startups that had come to call Midtown South home no longer had the ability to remain in the area. As the vacancy rate of Midtown office space climbed, new technology companies sought more favorable locations for their needs. Now, many new startups are again flocking to Midtown South in search of affordable NYC office space for lease.
New York City is hardly a destination spot for aspiring farmers - despite the likely demand for these initiatives, there is not nearly enough open space in many parts of the city for farm land to be cultivated.
In a city full of them, Chelsea Market is one of the most widely known destination spots in all of New York City. With the more than 30 shops it has to offer tourists, the area has maintained most of the charm it has held since being constructed around the turn of the 20th century. This may explain why some New Yorkers and tourists alike are upset at a proposal to add two new buildings that would provide Chelsea office space to local businesses.
Any business whose lease is up within the next few years needs to begin its office space search several years in advance, particularly if it is attempting to acquire a location in the highly competitive New York City market. When the largest software company in the world needs to plan for a new location that has at least 200,000 square feet of space, that search becomes all the more challenging.
Space is very valuable to a business and every square foot of space can be utilized in some way. Sometimes, when moving into a new office, you realize that some of your items fail to fit in your preconceived layout, or maybe you are starting to realize that your inventory and equipment takes more space in your office. One of your options could be to cram everything in your office space, possibly causing a cluttered mess. Another possible option is to find storage. With those two options open to you, when does it make more sense to rent a storage unit instead of leasing more commercial space?
Email and other digital communications initiatives have pushed the U.S. Postal Service (USPS) to the brink, as consumers rely less on its services to fulfill their needs. Although the organization had sought assistance from Congress, it announced last week that it would move forward with its own plans to cut costs.
The commercial real estate market in Houston has attracted businesses far and wide, in part because of the region's favorable jobs market and steady economy. At the same time, new construction has not progressed to meet increasing office space demand, creating a dearth of available properties at a time when more businesses seek office space in Houston.
The growth of Austin's commercial real estate market during the last four years has been curtailed by a lack of funding for many projects that were planned when the market's health was considerably better. Now, growth is being slowed by a flood of applications for new business office spaces and commercial properties.