Office Buildings in New York City
Office real estate in New York City provides excellent opportunities for buyers and investors. Although NYC was not as affected by the economic downturn as the rest of the US, every area of the country felt the recession to a certain degree. Since New York City businesses have national and international connections, its commercial real estate had to deal with the effects of economic strife elsewhere. Of course, New York City is a historically-sound market that survives and thrives despite of adversity.
Opportunities in New York City
During this period of economic recovery, the real estate industry puts its best effort into attracting buyers to NYC offices. The industry is willing to make concessions to match up owners with profitable Manhattan properties. 'Office Buildings For Sale' In New York City is a buyer's market – and a good deal for sellers.
Today is the perfect time to offer that office building for sale in Manhattan. Domain Properties, experts in New York City real estate, have gained recognition for their expertise in working with buyers and sellers of commercial NYC real estate. The Domain Properties Commercial Real Estate NYC team offers discreet and confidential 'person-to-person' dealings with clients about Manhattan properties.
In a 2010 survey by the Society of Industrial and Office Realtors, 57% of the participating 600 market experts predicted improvements in the office and industrial sectors throughout the year. Vacancy rates in office space started to level off in 2010 and should improve dramatically by the end of this year. Even during 2010, New York City (as well as Long Island, N.Y., and Honolulu) showed low vacancy rates in the office sector.
In fact, New York City demonstrated one of the lowest vacancy rates. Entrepreneurs recognize the power of being in business in a global center like New York City. Honolulu and NYC had office vacancy rates close to 9% while other office markets recorded rates over ten percent.
No Shortage of Tenants
At present, NYC office space looks attractive to tenants - especially with offers of lower rent. The cost of rent for office space was expected to fall 2.7% during 2010 and an additional 2.1% in 2011. In 2010, The National Association of Realtors (NAR) suggested that the vacancy rate for office space should show a slight rise at 16.7% towards the end of the year.
The vacancy rate, however, is expected to decline slowly and reach 16.4% in the last quarter of 2011. More tenants will be searching for Manhattan properties. The renewed interest is an encouraging sign for existing office spaces as well as new developments. Obviously, upscale office buildings have higher rents and attract powerful investors, prestigious tenants, and affluent clients.
Google Buys New York City Office Building
The December 2010 sale of 111 Eighth Avenue to Google, Inc. for $1.8 billion was the biggest office building sale of the year in terms of price. The sellers were Taconic Investment Partners, Jamestown and New York State Common Retirement Fund. Once the headquarters of the Port Authority of New York and New Jersey, the 2.9 million sq ft building is now owned by Google. The corporation will occupy 500,000 sq ft as the largest tenant.
The midtown area is one of the most prime areas as far as commercial real estate NYC is concerned. Most people wish for a piece of the real estate segment within this area. If you are interested in office buildings sale, this area and surrounding Manhattan buildings are available for sale at discounted deals.
Most consumers who have been following the midtown real estate in NYC keenly have realized that this is where the real money is. New York has always enjoyed the distinct reputation of being one of the most sought after areas as far as short sale office building is concerned. The midtown areas in NYC are home to some of the best known commercial buildings NYC of the likes of Broadway, Rockefeller Center as well as Times Square. These famed buildings are testament to the terrific demand within the commercial real estate NYC sector. These days, an increasing number of consumers have started to realize the tremendous importance of such commercial spaces and office Manhattan buildings. It comes as no surprise that these days when commercial real estate NYC is seeing an all time low in prices, consumers are lapping up available properties hungrily.
With the economic recession on in full swing, the commercial real estate NYC has been hit big time. Prices of almost all NYC buildings for sale have dropped steeply and there have been an unprecedented number of vacancies in the midtown area. Savvy investors have been able to foresee the huge trend within this space, with the result that more number of people these days have started investing in short sale office building Manhattan. With an increasing number of prime properties and office spaces in Manhattan witnessing foreclosures and short sales, the midtown real estate is witnessing a slump like never before. Most experts well versed in the commercial real estate NYC are of the opinion that it would take at least another three or four years for the ambience in the office buildings sale sector to start picking up.
More Purchase Power
While the economic recession certainly spells doom and maybe even disaster for the midtown real estate sector, for consumers it could not be a better time in terms of investment within the realty. Manhattan buildings have enjoyed the privilege of being some of the most coveted pieces of commercial real estate NYC, with the result that now when prices are so low, consumers want to get the best deals possible while the good season lasts.
How To Go About It
The best way to go about things, if you are really interested in office buildings sale is to contact a reputed real estate company, which has in-depth experience within the commercial real estate NYC segment. Be sure to ask around for reviews and recommendations so you know the credentials and worthiness of the organization before engaging their services. With short sale office building being the order of the day, it is best that you capitalize on this unique opportunity now itself.