It’s a tale of two cities. While ultra-luxury office towers in hot ’hoods are seeing massive asking rents of up to $300 per square foot, side-street buildings are lucky to rent for a mere ten…
It’s a tale of two cities. While ultra-luxury office towers in hot ’hoods are seeing massive asking rents of up to $300 per square foot, side-street buildings are lucky to rent for a mere tenth of those prices. On average, Manhattan asking rents are roughly $77 per foot, according to CBRE, but many basic office buildings are getting just $40.
“No one is developing any new product now and it’s tightening the market,” added Bill Elder of RXR, a large property owner. “There are many in the midst of LOI’s or leases and others are just starting to look. The market will get some traction and it will create a little frenzy.”Visionary developers are building tricked-out new office towers to tempt powerful tenantsAt Vornado and Related’s 85 Tenth Ave., Google just renewed 300,000 square feet.
Back in the Plaza District, Citadel will become the anchor and could eventually own the new 350 Park Ave. after it’s been demolished and rebuilt by Vornado and Rudin. In the meantime, it’s negotiating to move into several hundred thousand square feet at Brookfield’s revamped 660 Fifth Ave.The inability to attract new college grads to outposts in Connecticut and New Jersey is also adding market pressure. It’s forcing companies to rethink their locations and even bifurcate.
In a move from Midtown, repped by Friedland and team, Senator Investment Group relocated from 510 Madison Ave. to 12,455 square feet on the 21st floor of the 22-story boutique Zero Irving, developed by RAL Properties on East 14th Street in Midtown South — at a pricey $170 per foot. The building has a roof deck for all tenants on top, while its base includes Civic Hall’s workforce development and digital skills training and a large food hall.
At the reinvented Refinery at Domino on the Brooklyn waterfront, Walentas is now constructing eight or nine pre-built offices on the lower floors as they get snapped up at asking rents in the $70s per foot. He’s also completing and furnishing a 30,000 pre-built on the full, top 12th floor, with an asking rent of $90 per foot.At the Empire State Building, the ownership has installed glass walls, with the option to add wiring, all the furniture, and it will even help the company move.
Archdiocese Of New York Churches Commercial Real Estate Leases Office Space
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This 50-inch 4K TV from TCL just dropped below $300The 50-inch TCL S5 4K TV, which features Dolby Vision, Dolby Atmos, and Google TV, is on sale from Walmart for an affordable $298 following a $102 discount.
Read more »
This Anycubic 3D printer just dropped from $480 to $300Looking to get into 3D printing? You can buy the Anycubic 12K Resin Photon Mono M5s 3D printer right now for $180 off the regular price at Amazon.
Read more »
This espresso machine is $300 off during early Prime Big Deals Days salesBrew your favorite caffeinated beverages to perfection with the Philips 3200 Series espresso maker, now on sale for $600 when you buy on Amazon.
Read more »
Meta Quest 3S Hands On: It May Be Cheaper, but It Still Made Me QueasyThe $300 headset looks and feels like its premium counterpart, and it made me wanna barf.
Read more »
Save up to $300 with the best Microsoft Surface Pro 11 deal yet!Adrian, a mobile technology enthusiast since the Nokia 3310 era, has been a dynamic presence in the tech journalism field, contributing to Android Authority, Digital Trends, and Pocketnow before joining PhoneArena in 2018. His expertise spans across various platforms, with a particular fondness for the diversity of the Android ecosystem.
Read more »
Dallas firm plans $300 million expansion to Red Oak data center campusThe hyperscale and cloud-oriented data center company Compass will add three data centers in Red Oak. The facilities, DFW III-III Buildings 5-7, will total...
Read more »