The more things change, the more they stay the same.
This popular adage accurately describes the commercial real estate market in Manhattan. Traditionally know as the commercial “high rent district” for decades, midtown saw a majority of the highest commercial real estate leases in 2017.
According to a recent globest.com report, 34 of the 50 largest leases were located in midtown Manhattan. While this number is down slightly from the previous year, but the square footage available increased considerably to 10.2 million being available. Similarly, the West Side of Manhattan saw strong leasing numbers, with 29 of the top 50 leases located in this section. The top location overall in Manhattan was Sixth Street, where 10 of the largest 50 leases applied.
The trend sparking renewals and new leases were the newest amenities available to businesses. Just like their residential counterparts, commercial tenants prefer new and like-new properties with all of the latest technological advancements. These properties boast of being highly accessible and energy efficient in addition to being customized to tenant’s needs.
All of this activity suggests that movement in the commercial real estate market is not slowing down in 2018. With numerous renovations and new projects scheduled to be finished, it is important to work with an experienced commercial real estate attorney to ensure your legal rights and interests are protected. A skilled lawyer can help business owners understand statutory requirements they may not know about that could adversely affect the relationship with the property owner.
The preceding is for informational purposes only and is not considered legal advice.