As you probably know, the commercial real estate market in NYC is hot (and it’s really not great for tenants.) Demand is skyrocketing due to the burst of new businesses on the scene. The problem with this demand in NYC is that there’s no way for building owners to accommodate with supply. In most cities when demand is great, there’s room to build out and expand the city limits (i.e. urban sprawl.) Companies can move farther away from the city center for cheaper rent, which also drives prices down in the city because demand goes down. Makes sense. In NYC, the main problem is there’s no room to build out, and what space does exist is being quickly absorbed by new companies. For example, Chelsea only has 20 million square feet, with only 4.2% currently vacant (this was 6.6% last year, but 2.4% was already leased). In addition, only 168,000 square feet is scheduled to be added this year. The combination of low inventory being taken quickly, with no new space coming on the market means options are lacking and pricing is going to keep going up.
Hollywood might be in LA, but some of the most famous and unforgettable film and TV scenes have been shot in our favorite city. From Holly Golightly's entrance in Breakfast at Tiffany's to the opening scene of Manhattan that makes us fall in love with NYC all over again, we could go on and on about our favorite NYC based movies. Here are 8 great buildings and offices made famous by NYC movie and TV scenes.
If you're like us, most mornings you need coffee, and you need it now. While there are hundreds of places surrounding your NYC office to get a coffee fix, it can be difficult to navigate the sea of cafes that will get your almond milk latte exactly right. From quick on the go cups to cafes perfect for hosting afternoon meetings, here's 8 coffee spots to try if your office is in Chelsea or Flatiron.
This week, we're featuring Wonderfactory and their NYC office as our office space of the week.
This week, we're featuring KitchenSurfing, a service that brings skilled chefs to home kitchens, starting at just $25 per person and their NYC office as our office space of the week.
This week, we're choosing the ?WhatIf! offices in NYC by Mapos architects as our office space of the week. The NYC office is 12,000 sqft (find out how much space your office needs) and was done on a budget of $775,000.
As we already know first impressions are incredibly important, and that sentiment absolutely extends to office space. Visitors and clients alike get a sense of an office environment and your company culture the first time they enter a space, and in fact, a bad lobby can be a red flag to look for when touring offices.
As most New Yorkers will tell you, they typically avoid anything involving Midtown dining and pride themselves on their ability to avoid Times Square for years at a time. However if you have Midtown office space it's unavoidable to eat in what can be the culinary graveyard.
One thing we love is when large companies go all out and get it really right when it comes to office space, especially since we know the impact of office space on company culture. Here's a roundup of some of our favorite, innovative offices around the world of various sizes and in various locations to help you get inspired and motivated to make your office the perfect space for your team.
The commercial real estate market is solidly on the rise, and we’ll be honest with you -- a hot market is not great for tenants.
With July 4th right around the corner, one can’t help but daydream of beaches, fireworks, and fun in the sun.
Working remotely is incredible, but it has some downsides.
This week we are featuring Greatist, a team that is seriously motivating their extensive community of followers (us included!) to make healthy choices in our daily lives. As this week’s New York Office Space of the Week #OSOTW, we got a chance to tour Greatist’s cool and quirky space, located at 18 West 27th St. in the Flatiron District.
I recently attended an event unlike most tech slash networking events, fittingly titled “Wellbeing in the Workplace: Mind. Body. Environment.” As part of the small talks speaker series presented by Turnstone (@turnstone #TSsmalltalks) and sponsored by Steelcase, this event left me feeling calm, collected, and ready to take on the busy day ahead!
This week we are featuring theSkimm for office space of the week. theSkimm is the daily e-mail newsletter that gives you everything you need to start your day. They do the reading for you - across subject lines and party lines - and break it down with fresh editorial content.
This week we are featuring Kettle for office space of the week. Kettle is an independent New York based design firm that works with leading brands to create outstanding interactive experiences. Their office at 180 Varick Street in Soho, which is prime location for technology and design companies.
Lee & Associates recently published a report on the market for office space in New York City for the previous quarter. The report is rather interesting, but I really enjoyed their map of New York City with relevant statistics. The graphic shows the inventory, vacancy rate, availability rate, and direct asking rate compared to the ten year averages. What does all this mean to the average small business? I will tell you!
We are obviously big fans of both startups and New York City commercial real estate here at TheSquareFoot. Take the HELM is an awesome opportunity put on by our friends at the New York City Economic Development Corporation and we encourage anyone thinking about moving space in the next year to apply...a quarter of a million bucks to the winners ain't too shabby!
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!
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, 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.
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.
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.
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.
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.
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.