Over the last five years, backed by the mega billion private equity investment industry, “tech” firms have swarmed into what was a relatively quiet and benign district of the city, Chelsea, and to some extent, its immediate neighbor, Flatiron. This section of the city, rich in boutique and loft style buildings, is a perfect marriage for all the “up and comers” infiltrating the tech industry. And it is not only the buildings, themselves, that present such an attraction to these twenty to forty year old “techies”; the commercial spaces within these structures totally lend themselves to the mood and concept of this breakout industry. To be more specific, the typical space found in this market is a combination of high… Continue reading

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Posted in Manhattan Office SpaceMidtown SouthNYC office space.
Brooklyn Office was Once Industrial Space

Brooklyn Office Space Market Set to Boom The Lockaway Self Storage Building in Brooklyn is typical of the warehouses and factories that could potentially be converted to office use. This 1890s warehouse, located across from The Brooklyn Navy Yards was originally a shoe factory and then a root beer bottling plant before being shut down years ago.  According to Tucker Reed, president of the Downtown Brooklyn Partnership, this building among many others are ripe for conversion to office space. Tightening Market The Brooklyn office space for rent availability rate (the space that is available now or scheduled to become available within 12 months) in Brooklyn has dropped to 7.8% at the end of June; average asking rents are $32.13, compared… Continue reading

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Posted in Brokers & Other Real Estate ProfessionalsCommercial Leasing 101Manhattan Office Space.