New York, NY -- (SBWIRE) -- 02/06/2019 -- Manhattan Office:
Continued conversions and demolitions will inevitably lead to higher Office rents in Manhattan's older office buildings. New office prices will be tempered as 12,420,581 RSF of new construction and another 13,761,699 of proposed office buildings come to market.
Demand has picked up for retail as landlords have been adjusting prices to the market. Expect retail pricing to stay at current levels. This may change if additional national retailers restructure or declare bankruptcy.
Manhattan sales market active again and sales volume is up $50 Billion, a 35% increase over previous year. Chinese owners are now net sellers.
For the latest market research on New York City commercial real estate, contact Stephen Sunderland. Optimal Spaces releases a monthly analysis of the market, including detailed statistics and graphs
About Optimal Spaces
Optimal Spaces is an industry leader Tenant Representative firm helping clients looking for office, retail and industrial real estate in New York City. We solely represent our client's interest, unlike most other brokerage firms who represent the landlord's interest. Optimal Spaces offers strategic advice and execution for commercial real estate, corporate brokerage, market research and consulting. Optimal Spaces' brokers are all experts, each with a minimum of ten years in the fields of retail and office. For more information go to our website www.optimalspaces.com.
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