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. Rental properties for lease in New York, including office space for rent and commercial space for rent, can be found throughout the stunningly diverse neighborhood zones of New York City. Those who are passionate about securing the best possible platform to develop their business throughout the region, state and country will find countless appealing properties for lease in New York City.
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.
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. Median household incomes in New York City are only slightly below state averages. Like many of the nation’s largest cities, it has become common practice for the area’s most wealthy residents to relocate to affluent suburbs that remain within commuting distance. Some of the more common occupations for residents of New York City include positions in industries ranging from finance and business administration to education and technical services, among others. New York City is currently home to more billionaires than any other city on the planet, and also hosts more millionaires than any other city in the country. That being said, wealth disparity remains a key issue here, as income levels for middle-class and lower-class individuals have become largely stagnant.
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. One of the most attractive and exciting elements of New York City is its extensive level of ethnic diversity. Widely considered to be one of the world’s most cosmopolitan cities, New York City hosts migrants from a myriad of international locations. For example, New York City hosts the largest international Chinese community outside of China. It is this unique cultural climate which has allowed entrepreneurs and business owners to develop radical new approaches and strategies to business in which collaboration and integration play key roles. It should come as no surprise, therefore, that New York City is one of the most popular destinations for tech-savvy individuals and creative types seeking to define the trends of the next several decades.
Although a variety of colonial and exploratory efforts were undertaken in the region of the United States where New York City now exists during the 16th and 17th centuries, the beginnings of economic development here can be traced back to the period of British colonial rule, when the British used the city as a significant trading port. Following the close of the Revolutionary War, New York City continued to thrive. In the 19th century, important international event, such as the Great Irish Famine, ensured that this city received a consistent influx of foreign-born immigrants. By the 1920’s, New York City had become the most populous urbanized area in the world. The area experienced a substantial post-World War II economic boom thanks to the return of military veterans who were eager to settle down in the region. In the last two decades, New York City has served as ground-zero for some of the most significant events in recent national history, including the September 11th terror attacks.
As stated previously, the local population of New York City is incredibly diverse. As an increasing number of migrants have arrived in this “global crossroads”, a number of smaller communities have developed within New York City proper. A casual stroll of the city will reveal pockets of distinctive ethnic aesthetics, traditions, dining establishments and businesses. Over the past 80 years, the diversity of the city has increased significantly. Unlike the 1940 census, in which nearly 94% of the population identified themselves as Caucasian, only 44% of the local populace does so today, a strong indicator that the presence of ethnic minorities continues to grow.
In recent years, New York City city planners have made a conscientious effort to ramp up the city’s involvement in the technology sector and, ultimately, ensure that both the city and the state at large remain appealing for entrepreneurs and start-up businesses. The biotechnology industries have also begun to experience unparalleled levels of growth with New York City proper, thanks in large part to efforts by then Mayor Michael Bloomberg to transform New York City into the technology capital of the country.