The New York City commercial real estate market is enormous, accounting for about 15 percent of our nation’s total. And while it’s true that Manhattan is home to the heart of that commercial real estate market, New York City office space is abundant in areas beyond Manhattan. Business owners also find lease and purchase opportunities in the boroughs of Queens, Brooklyn, Staten Island and The Bronx. Recent developments have seen a swell of demand for office space in neighborhoods such as Long Island City in Queens, downtown Brooklyn and Brooklyn Heights.
Real Estate Incentive Programs Fuel Demand
For a number of years, the New York City Economic Development Corporation has offered several incentives and tax exemptions to companies that lease office space or purchase commercial real estate in the boroughs outside of Manhattan. The Relocation and Employment Assistance Program (REAP) provides a substantial tax credit for businesses that relocate from outside of New York City, or that relocate from Manhattan to above 96th Street or to another borough. And the Lower Manhattan Real Estate Incentive Program (LMREAP) provides a substantial tax credit to out-of-state companies willing to relocate to downtown Manhattan south of Canal Street.
Long Island City: Cost-Competitive and Close to Home
In 2007, Citigroup, New York’s largest private non-healthcare-related employer, built the 15-story 2 Court Square in Long Island City. The building supplemented the adjacent 50-story tower Citigroup had built in 1987. Long Island City abounds former factories, many of which have been converted to design studios and showrooms, making the neighborhood a draw for creative industries seeking industrial lofts.
Downtown Brooklyn: Class A Office Space at a Discount
The city’s sweeping rezoning of downtown Brooklyn has encouraged taller and denser buildings. Forest City Ratner’s MetroTech Center, a vast mixed-use, campus-like development in downtown Brooklyn, has been operating since the 1990s. Its high-rise towers comprise millions of square feet of New York City office space and house such tenants as JPMorgan Chase, National Grid and Verizon. Competitive rents, incentive programs and a high-quality inventory of office space have drawn a wide range of tenants, including the international B2B publishing company Incisive Media.
Metro Manhattan Office Space represents the interests of businesses seeking to acquire New York City office space. As a tenant representative, we help businesses find the right commercial space and negotiate the best deal. Our listing database contains 98% of all available office, retail, loft, medical and showroom space in New York City. We have longstanding relationships with major landlords and managing agents, and over the past decade we’ve helped hundreds of businesses acquire leased space in New York city. We have extensive experience assisting business tenants in the following industries:
For help in finding office space anywhere in New York City, contact Alan Rosinsky, Principal Broker at Metro Manhattan Office Space, at 212-444-2241.