About Optimal Spaces - NYC Tenant Broker
At Optimal Spaces, we interact closely with our clients and strive to provide them with valuable commercial real estate options and solutions that will save them both money and time. While most commercial real estate agents in New York City will only work with 50,000 square feet and up, tenants we treat and give all our clients the same attention and dedication in providing them with detailed office, retail, and industrial space listings in new york city, including buildings for sale, and long-term real estate solutions. Although office space listings may be more accessible, buildings for sale in New York City are generally not. This is the case especially on the web, but as committed tenant brokers, we perform custom searches for each of our client's commercial space requirements.
January 2012: New York City Office, Retail and Industrial Market Report
Predictions for Manhattan Real Estate – Year 2012
Retail
Prime retail rents will continue to rise but not as dramatic as previous years. Fringe retail rents will continue to fall 10-20%.
Office Space
Class A office rents depend upon the financial success of Banking and Investment Banks. It’s a seesaw, if more layoffs, then rents in Class A Office Buildings could fall 10-20%. If neutral to hiring of employees, prices will continue to rise until it is economically viable to build new office buildings (which needs to be about $100/RSF rent).
December 2011: New York City Office, Retail and Industrial Market Report
Office leasing volume tapered off from a strong start at the beginning of the year. This coincided with the recent market gyrations since August. Companies are starting to delay decisions until the stock market volatility lessens.
Prime retail property is full while secondary locations languish.
New Residential construction has restarted. Banks are now lending to experienced, well financed developers. As a result, the number of stalled projects has declined 8% from the previous year.
November 2011: New York City Office, Retail and Industrial Market Report
We have been talking about pending new construction for the last few newsletters. Now it has finally happened. Coach is buying a new building to be constructed as part of Related development on the West Side. Brookfield is also about to start constructing the $300 million deck above the rail tracks. This will dramatically change the neighborhood from fringe to potentially the next Rockefeller Center on the West Side.
October 2011: New York City Office, Retail and Industrial Market Report
Two trends have occurred this month. The 1st is the stock market has been fluctuating widely. The 2nd is office vacancies have started to increase in Midtown and Downtown though office rents have yet to decline.
September 2011: New York City Office, Retail and Industrial Market Report
New construction for both office building and residential is occurring in Manhattan.
European and other foreign retailers continue to enter the Manhattan market and are outbidding American retailers.
August 2011 New York City Office, Retail and Industrial Market Report
Midtown office demand and rents are rising to the point that justifies new office construction. This is due to financial firms relocating to Midtown.
New York City Market Overview:
July 2011: New York City Office, Retail and Industrial Market Report
There was a lot of lateral movement in the Manhattan office market but no net absorption. Conde Nast signed a lease for 1,000,000 SF at 1 World Trade Center but will vacate an equivalent amount. Nomura Securities signed a lease for 800,000 SF at 825 Eighth Avenue vacating World Financial Center but again a lateral movement.
June 2011: New York City Office, Retail and Industrial Market Report
New construction about to start again in Midtown. Banks are funding as Midtown office rents exceed $100/RSF … Boston Properties will be the first to construct a $1.05 billion, one million-square-foot office with their anchor tenant Morrison & Foerster at 250 West 55th Street.
New York City Market Overview:
