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Commercial real estate trends are shifting according to the economy, social factors and population trends. The city remains one of the top property markets in the world and, thus, continues to lure a mishmash of deep-pocketed investors, including institutional investors, foreign buyers and wealthy local families.
The “Big Apple” is one of America’s most exciting, bustling and dynamic cities. A popular destination for both business and tourism, New York City gives you the vibe and inspiration to conduct business, live, shop, visit, network, spearhead something special — you name it, you can do it in the city. As a popular destination, New York City draws interests from many circles, making office space here very competitive. Thus, finding the right type of information can be extremely important in helping you land your dream office space.
The NYC economy has rebounded from the doldrums of the 2008 economic malaise, and for the last two years, the city has experienced steady growth. The financial services sector, a key pillar of economic life in NYC, has regained most, if not all, of the ground it lost during the crisis. Wall Street is not the only economic artery of the city, though, because sectors such as fashion, entertainment and technology also make up increasing parts of its economic fabric.
New York is not your typical North American metropolis. With more than 8 million souls, it is the most populous city in the United States and the no. 1 real estate market, both for commercial and residential properties. The NYC metropolitan area also comprises a diverse population, with hundreds of nationalities represented, all nestled in the heart of the most exciting city in the world. At 8% (give or take), the unemployment rate here is one of the lowest in the nation, thanks in part to the many opportunities one can grab and exploit in the Big Apple.
Manhattan still leads the way in terms of rent, with the average asking price rising by 2% each year. Brooklyn, The Bronx, Staten Island and Queens are also seeing rising rents and sale prices, but more in the residential sector. The media sector is gradually toppling financial services as the number one corporate tenant.