Commercial Real Estate in New York City
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New York City Commercial and Office Space Overview
New York City is widely considered the unofficial “Capital of the World.” Thanks to the headquarters of global trade in Wall Street, including the New York Stock Exchange and NASDAQ, the city’s annual gross metropolitan product (GMP) reaches $1.3 trillion, making it a regular contender for the world’s most financially powerful city.
Home to dozens of Fortune 500 companies, globally powerful art and culture, and some of the finest educational institutions in the world, New York City is not only a destination for tourism; it’s a force for attracting the best and brightest in every level of a company. For businesses seeking new commercial real estate in the Big Apple, expect a wide and varied market throughout the city’s many boroughs, with over 5,000 available spaces at an average of $82 per square feet/year. Manhattan alone boasts over 500 million square feet of office space, making it easily the largest central business district in the world.
Economy of New York
Wielding a world-leading GMP, New York City’s contribution to the global economy is unparalleled. It’s said that empires can rise and fall at the stroke of a pen in the Empire City, and no one unified body has the same power as Wall Street. A collective of financial institutions that dictate the shape of global finance on a daily basis, the industry contributes - on paper - 5% of the city’s private sector jobs and $3.8 billion of its annual tax revenue, but its impact is far more wide and diverse.
Apart from banking and finance, New York City is the communications, advertising, and real estate capital of the nation, with a growing high-tech, insurance, and healthcare market keeping close pace with competing markets.
Trends of New York
In recent years, the city has made a conscious effort to up its game in the technology industry, with the city adding 5% of the nations job growth since 2009 despite having only 3% of the nation’s workforce. Major gains in the business services, healthcare, and leisure/hospitality sectors have also brought about major changes to the city’s professional class, contributing nearly 250,000 new jobs combined last year.
On the construction and real estate side, New York City continues its ever-evolving, ever-growing personality. Over 7,300 permits are active, with Brooklyn leading the charge at 2,800 new constructions planned or already underway. Queens is also experiencing a major facelift and has seen 2,400 new projects come online in recent years, with Manhattan straggling behind with only 743.
New space means new jobs and new jobs means new residents, so it makes sense that the city’s overall population has ballooned post-recession, topping 8.6 million for the first time earlier this year. Brooklyn and Queens experienced the most growth, each adding more than 125,000 residents since 2010.
New York has 7,110 commercial real estate spaces for lease, representing 43,265,704 sqft space.
313 buildings are available for sale.
In the past 30 days, New York has had 143 spaces leased and 8 new spaces come on market.