New York Commercial Real Estate Market Performance
by Jonathan Wasserstrum
Today we have a guest post on the NYC Commercial Real Estate Market courtesy of our friends over at REIS
TheSquareFoot Blog
NYC Office Space of the Week: Enterproid
by Jonathan Wasserstrum
This week's featured NYC office space is the home of Enterproid, the creators of an enterprise mobile platform called Divide. It is literally the greenest office I have ever been in. Their company color is green and it is everywhere from the walls to the bean bag chairs to the color of the cotton candy. In case there was any doubt how serious they are about their color scheme, everyone who works there is given a green watch. Nice company schwag!
Salesforce.com seeks Pfizer's former office space
by Aron Susman
San Francisco-based company Salesforce.com is reportedly negotiating for 100,000 square feet of office space for lease at 685 Third Avenue, which was formerly inhabited by Pfizer. The transaction would more than sextuple the cloud computing company's New York presence, further confirming what this blog has already touched on in multiple occasions - the city's increasing attractiveness to technology firms.
Normandy Partners invest in Lexington Avenue
by Aron Susman
Normandy Partners, a New Jersey-based real estate firm, added some more New York City office space to its portfolio, with its purchase at 575 Lexington Avenue, between 51st and 52nd streets in the Plaza District. The 35-stories of Midtown East office space was redeveloped in 1990 by the Koeppel Companies and was bought by Normandy and New York Life for about $360 million, according to sources.
Tribeca neighborhood is growing and has no intentions of stopping
by Aron Susman
The Tribeca revival story was one that even its residents didn't think was possible, especially after the September 11 terrorist attacks. New businesses are finding ways to carve a niche into Tribeca office space and residential buildings are being added into the historic area, even with the neighborhood being low-density and having limited inventory.
City National Bank snags Midtown office space
by Aron Susman
The former location of a Syms store is the new home for City National Bank (CNB), a Los Angeles-based institution. CNB was eager to sign a 15-year lease for the Midtown office space, totalling 45,000 square feet at Waterman Interests' 400 Park Avenue.
WeWork gains sixth location with Madison Ave. lease
by Aron Susman
Two family-owned buildings, across the street from one another, signed on new tenants to take advantage of the Midtown office space for lease, totaling 71,000 square feet. Located just three blocks from Grand Central Terminal, the two buildings, which are both in the midst of renovations set to include a new lobby and elevators, will be ideal locations for each of their respective new businesses.
Developers announced soon for new Brooklyn hotel complex
by Aron Susman
Additional Brooklyn retail space to come online as part of a new hotel and residential complex that is slated for construction adjacent to Pier 1, just south of the Brooklyn Bridge. Early this week, the Brooklyn Bridge Park Corporation is expected to vote to select Toll Brothers City Living and Starwood Capital Group as the development team for the 1.3-mile-long New York commercial space.
Bronx ready for first suburban-style mall in 40 years
by Aron Susman
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.
Sony looking to rebound, possibly in former New York Times building
by Aron Susman
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.
New York City plans to convert Bronx warehouse roof for farming
by Aron Susman
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.
Chelsea Market developers eye office space expansion
by Aron Susman
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.
Microsoft begins New York office space search two years before lease expires
by Aron Susman
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.
Retailers rethink space needs as ability to reinvest grows
by Aron Susman
Cuomo considers options after plans for Queens casino fall through
by Aron Susman
Retail spending climbs in Manhattan and among discount chains
by Aron Susman
Roosevelt Island residents yearn for commercial development
by Aron Susman
With lending tight, more businesses may look to lease office space
by Aron Susman
New York City operas and theaters transformed into commercial locations
by Aron Susman
New York prisons offer unlikely source of office space to local businesses
by Aron Susman
Demand for Manhattan office space in Midtown South growing
by Aron Susman
Demand for office, warehouse space boosts U.S. commercial real estate
by Aron Susman
Another report on the commercial real estate picture in the United States points to the continuing demand for new office and warehouse spaces driving up office leasing activity in key markets around the country.
Ready, Set, DEMO!
by Justin Lee
Occupancy rates for U.S. office space continued to climb in Q1
by Aron Susman
Modest gains in hiring - led primarily by an increase in temporary jobs - influenced occupancy rates for office space around the country during the first quarter of 2012, according to a report.
New York City financial markets affecting commercial real estate leasing
by Aron Susman
Real estate observers in New York City were encouraged by recent reports that financial services corporation Morgan Stanley would expand its commercial real estate lease at One New York Plaza in Manhattan. While that company's expansion may have been a sign of an improvement environment for New York office space leasing activity, experts say the local market has still been stifled by the challenges faced by several Wall Street businesses.
Morgan Stanley may lease more New York City office space
by Aron Susman
Financial services heavyweight Morgan Stanley is already a large tenant at One New York Plaza in Manhattan, but the corporation may lease more New York city office space in that building, according to The New York Post.
New York City's Industry City a destination for a variety of businesses
by Aron Susman
Though it may have previously been known for a high volume of industrial tenants, Brooklyn's 17-building Industry City at Bush Terminal complex along Third Avenue has seen increased office leasing activity from a diverse array of business, including creative and technical professionals.
Report: Office lease opportunities to tighten in second half
by Aron Susman
The latter six months of 2012 will provide greater opportunities for commercial real estate investors and property owners to profit from increasing demand and rising rents. However, for businesses seeking office space for rent in top metropolitan markets like New York and Dallas, it may be wise to begin considering options now, before vacancies become too tight.
More retail real estate leasers considering the data behind decisions
by Aron Susman
For businesses considering retail space for rent in top metropolitan areas such as New York, Dallas, Austin or Houston, it has never been unusual to base this decision off of intangible factors, such as instinct or the general "feel" towards the property.
New York City commercial real estate leasing increases in February
by Aron Susman
Office leasing in New York City climbed in February from the previous month, though the square feet of commercial real estate leased during the first two months of 2012 was down on a year-over-year basis, according to a recent report.