If there’s a reason why the Garment Center is once again in vogue, than look no further than the red-hot real estate market for office and commercial loft space — many with open plans and high ceilings — as savvy business owners who get there first, lock-in long term leases at buyer’s market prices.
According to the Fashion Center Business Improvement District (www.fashioncenter.com), 2012 was the first year that more than half the new office/loft space leases signed were from non-fashion related businesses. This huge trend is spinning with momentum as firms of every industry scoop up the best deals in town.
Manhattan office space prices have skyrocketed since the recession
Alan Rosinsky, head of Metro Manhattan Office Space, Inc. (212) 444-2241) explains that commercial tenants in other Manhattan neighborhoods are getting sticker shock as their leases expire. He said: “In the post-recession lows of 2009/2010 rents have steadily increased throughout Manhattan especially in mid-town south. These constant increases have redirected small to mid-size businesses to look elsewhere and the Garment District is where they can get the best bang for their buck if they act now.”
The Garment Center offers a myriad choices for every business
Business owners, who once looked upon this area with indifference, are now rethinking their long-term options with an eye towards leases and favorable finances. With its traditional Class A and B “Avenue” buildings this area has become a magnet for law firms, financial institutions and other white-collar businesses coming in from other parts of town. Likewise for the side streets with its downtown look and feel of SoHo close to 40 years ago, as public relations and advertising agencies, technology and IT start-ups, design and architectural firms ink deals daily.
The Garment District is convenient and close to everything
The Garment Center is home to many of the city’s most desirable destinations including Penn Station and Port Authority for commuters, Macy’s, a shoppers paradise, Madison Square Garden’s, Bryant Park, Times Square, the New York Times building, great restaurants, proximity to the theatre district, and a host of other attractions that signal growth and opportunity within this circumscribed area.
Property owners re-purpose buildings
Building owners are also re-thinking, re-purposing and re-branding their properties. One can only look at 1411 Broadway, 1407 Broadway, 1372 Broadway, 512 Seventh Avenue and 463 Seventh Avenue, once anchor buildings of the Garment Center and who are now actively courting non-fashion tenants. With Broadway theatres, television networks and the music publishing business just across 42nd St, it’s no wonder that producers, talent agencies, and other related businesses are looking for and finding deals just a stone’s throw away.
New hotels and skyscrapers signal development to the area
This new boomtown energy should please the developers of the seven new hotels that have opened in the Garment Center since 2012. Today, with the new construction of 7 Bryant Park office towers that will be ready in 2015, word is spreading at break-neck speed that the Garment Center along Fashion Avenue is the place to be, no matter the type of business.
This is a window of opportunity with a huge OPEN FOR BUSINESS sign to those who get in early and scoop-up affordable office space now.
Fashion Avenue has never been more fashionable!