Before the pandemic, office spaces became more open, more flexible, more technologically-advanced, and more crowded. Remote work was not hugely widespread, particularly for traditional office sectors such as financial services or banking. Available office space was scarce, especially in buzzing […]Read more
NYC’s Life Sciences Office Sector Experiencing Record-High Demand
A recent report released by CBRE shows that NYC’s life sciences sector is bustling with activity and is poised to overtake markets like Boston or San Diego in terms of growth. According to the report, leasing for the life sciences […]Read more
Cali-Based Brokerage Robinhood Moving Closer to Wall Street, Plans Manhattan Office Headquarters
The January 28 short squeeze of GameStop stock sent the U.S. stock market into a frenzy unseen since the financial crisis of 2008. When Reddit users decided to join forces to raise GameStop’s value, a Texas-based retailer that had been […]Read more
Midtown Manhattan’s Port Authority Bus Terminal in For $10B Revamp by 2030
Although the Covid19 pandemic has heavily hit New York City, local authorities have made significant progress on major infrastructure projects. The year started strong with the January opening of the $1.6 billion Moynihan Train Hall at Pennsylvania Station. Located within […]Read more
NYC Commercial Tenants, In the Driver’s Seat in 2021
Last year, Moody released projections that show the national commercial vacancy rate will reach 19.9$ in 2021 and 20% in 2022, surpassing the 1991 record high of 91.7%. Additionally, CBRE research shows that office use is faring better in car-dependent […]Read more
New Moynihan Train Hall Allows 50% More Space for Penn Station Travelers
A $1.6 billion, 255,000-square-foot expansion of the Penn Station train tracks officially opened to the public on January 1st, 2021. The new Moynihan Train Hall, named after the late Senator Patrick Moynihan, is a significant improvement to Midtown Manhattan’s transportation […]Read more
What’s in Store for NYC Commercial Real Estate in 2021?
The new coronavirus has greatly impacted New York City real estate. It’s going to take a long time for the city to bounce back fully. Things might never go back to their pre-pandemic state. But the emergence and approval of […]Read more
These Were the 20 Biggest Office Deals to Close in NYC Since the Start of the Pandemic
The New York City commercial real estate market took quite a hit in 2020. Total office sales dropped 58% during this spring’s lockdown, while retail sales sank a whopping 78%. Brooks Brothers, J.Crew, and other major retailers filed for bankruptcy, […]Read more
Why is NYC Commercial Real Estate So Expensive?
New York City real estate is notoriously expensive, with Manhattan boasting some of the world’s highest commercial and residential prices. Office rents, retail rents, and housing prices cost more than anywhere else in the U.S. San Francisco and Los Angeles […]Read more
One Year After WeWork’s Failed IPO, NYC’s Coworking Market Is Still Going Strong
It’s been more than a year since WeWork’s failed IPO, and much has changed during this time. The global Covid-19 pandemic has taken real estate in New York City by storm, triggering a shift in the way we live, work, […]Read more
Madison Avenue in 2020: Retail Apocalypse or Investment Opportunity?
Madison Avenue is one of the areas of New York City that has changed significantly since the start of the pandemic. The so-called ‘Gold Coast’ of Manhattan and the epicenter of luxury NYC retail looks very different today than it […]Read more
How and Why the Rezoning of Brooklyn’s Industry City Fell Apart in 2020
In early 2019, Queens was all over the news after Amazon scrapped plans to build its HQ2 in Long Island City. This fall, a 6,000,000-square-foot commercial development that would have added up to 20,000 jobs to Brooklyn’s Sunset Park was […]Read more
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