Office buildings for sale in Manhattan NYC

Office buildings for sale in Manhattan  –  Based on the information given by the New York City Department of Finance, there are a little over of have a billion square feet of office building space in the City. There are three business districts in Manhattan – Lower, Mid S., Midtown.  Together they contain around 0.45 billion square feet of office space or about eighty percent of all areas locally. According to some analytics, there are commercial districts in each of the five boroughs. Manhattan retail spaces for sale are projected to grow near 5% in the last couple of years.

Office spaces in structures are ordinarily assembled into one of three class classifications: Class A, B, or C. The measure of Class A office territory presently involves almost 66% of all office space. The World Trade Center improvement has generously expanded the measure of Class A place of business space in Downtown Manhattan. Hudson Yards, situated in the area of tenth and twelfth Ave from West 30th to West 34th St, is the most noteworthy private land development in Manhattan since Rockefeller Center.

Commercial office buildings for sale in Manhattan

Most tenants in present day times are intending to utilize their commercial space to enroll top professionals, which has modified the focal point of current necessities. Expanded travel availability inside Manhattan has made this area less of an issue with commercial tenants presently open to move out of their Manhattan office. New construction in new prime structures and huge new current redesigns are top objections for office occupants.

Commercial real estate for sale in NYC

The inventory of the New York City retail real estate market is divided approximately between nine significant areas. Let’s look at the numbers: Bronx 590 buildings, Central Queens 305 buildings, Chelsea 518 buildings, Downtown Brooklyn 210 buildings, Northeast Queens 733, Northwest Queens 456 buildings, South Brooklyn 1114 buildings, South Queens 419 buildings, Staten Island 927 buildings, World Trade Center 45 buildings.

Some new communities are growing up across the region, with development mainly targeting on the borders of Manhattan. Markets and submarkets in Brooklyn, Queens, and New Jersey have expanded their inventory. The new projects have been met here with outrageous demand and will be maintaining their busy pace shortly. As of the third quarter of 2019, more than 40,000 units are under construction. Development is concentrated in the same areas. This giant performance continued in the last quarter of 2019, with more than 2% growth recorded at the beginning of this year.

Prime Group Holdings acquired the 223,000-SF property at 62 I’m. St. in Brooklyn for $100 million (approximately $448/SF) in February 2019. The building was fully occupied by Christazie’s at the time of the sale. This primary warehouse was advertised as a potential redevelopment opportunity. New constructions in the area outline the shift toward more retail space as owners aim to drive the traffic through multi-layered customer experience, knowing that shopping today is mostly online.

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MANHATTAN OFFICE SPACE MARKET INFORMATION