It’s all supply and demand (in NYC, at least)

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.

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NYC buildings in Hollywood

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.

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Where to get your coffee fix: Flatiron/Chelsea

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.

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Health & Wellness in the Workplace Improves Culture & Efficiency

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!

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theSkimm - Manhattan Office Space of the Week

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.

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Manhattan Q3 2013 Office Space Market Statistics

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!

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NYC Office Space of the Week: Enterproid

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!

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Salesforce.com seeks Pfizer's former office space

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.

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Normandy Partners invest in Lexington Avenue

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.

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WeWork gains sixth location with Madison Ave. lease

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.

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Developers announced soon for new Brooklyn hotel complex

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.

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Bronx ready for first suburban-style mall in 40 years

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.

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