New Construction Permits Filed For 52-Story Skyscraper At 589 Fulton Street In Downtown Brooklyn
The Witkoff Group has filed permits for a 52-story mixed-use skyscraper at 589 Fulton Street in Downtown Brooklyn. Bound by Fulton Street, DeKalb Avenue, and Flatbush Avenue, the lot is steps from the Dekalb Avenue subway station, serviced by the B, Q, and R trains. The proposed 575-foot-tall development will yield 557,973 square feet, with 489,280… Read more »
Life Sciences Leasing Doubled in New York City Last Year
The life sciences sector keeps proving that it’s pandemic-proof. Leasing for the life sciences sector more than doubled around New York City between 2019 to 2020, reaching its highest level in nearly a decade. All told, life sciences companies took 155,925 square feet of laboratory and other-related space around the city, the largest amount since at… Read more »
New York City CRE Sales Reach $11B in H2: REBNY
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today reported that broker confidence rebounded in the last quarter of 2020, after three consecutive record lows, as the COVID-19 vaccine continues to roll out throughout the City and State. According to REBNY’s Q4 2020 Quarterly Real Estate Broker Confidence… Read more »
New REBNY Report Shows Broker Confidence in Real Estate Market Experiences an Uptick After Record Lows
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today reported that broker confidence rebounded in the last quarter of 2020, after three consecutive record lows, as the COVID-19 vaccine continues to roll out throughout the City and State. According to REBNY’s Q4 2020 Quarterly Real Estate Broker Confidence… Read more »
What to expect from commercial real estate in 2021
Hotels, offices and retail storefronts are expected to trail a broader economic recovery next year; so investors are pinning their hopes on a COVID-19 vaccine in 2021. More commercial properties will go belly-up during the first half of 2021 before commercial real estate begins to stabilize in the second half of the year, experts say…. Read more »
The Wealthy Are Leaving New York As City Undergoes Monumental Demographic Shift
The New York metropolitan area lost 70,000 people during the coronavirus pandemic, equating to tens of billions in lost income for the city. In total, about 3.57 million people left the city from Jan. 1 through Dec. 7, Reuters reported, citing data from Unacast. Around 3.5 million people moved in during that time; however, they… Read more »
It’s a Broker’s Market
We will talk more about the commercial and industrial marketplace in additional posts over the next weeks. Right now we think this is a terrific marketplace for brokers. So we’d like to welcome the newest member of the KDA broker team, Max Duclos. As Max and our brokers canvas neighborhoods, we’re seeing an influx of… Read more »
SIOR: More CRE Transactions Stay on Schedule
The commercial real estate industry is gradually getting a handle on how to do business during a pandemic, according to the results of the August Sentiment Survey from SIOR. Back in April, only 26.1 percent of transactions were proceeding according to schedule, but that figure increased to 45.2 percent in the latest survey. Parallel to… Read more »
After Historic Low, What’s Next for Net Lease Cap Rates?
Cap rates remain at low levels due to the historically low interest rate environment combined with a robust economy. Despite the decrease in cap rates, the spread between asking and closed cap rates for retail and office properties widened by 6 and 2 basis points respectively. Real estate investors believe we are in the late… Read more »
Manhattan Office Market Soared To Record Levels Again Last Year
Thanks to several monster lease deals and healthy job growth, a total of nearly 43M SF of office leases were signed in Manhattan in 2019, according to figures from Colliers International. That is the highest level since 2001 and almost 3% higher than 2018, itself a stellar leasing year. Leasing activity was 15% above the… Read more »
Brooklyn Office 4Q: Rents remain constant as new developments enter the market
In the Brooklyn office market in 4Q 2019, the average asking rent ended the fourth quarter at $52.33/SF, down 0.9% from the prior quarter but still 0.7% higher from this time last year, according to a report on the Brooklyn Office Market (4Q) from Newmark Knight Frank. The availability rate rose 30 basis points to… Read more »
Stability Amid Uncertainty: 2020 U.S. Real Estate Market Outlook
2020 could be a pivotal year for the U.S. commercial real estate industry, with geopolitical, economic and local regulatory issues in keen focus, according to analysts at CBRE. Despite transformational changes, CBRE’s 2020 U.S. Outlook predicts a very good year for commercial real estate. Resilient economic activity, strong property fundamentals, low interest rates and the… Read more »
Industrial Outlook Calls for Steady Growth in 2020
Despite concerns about the long-term impact of tariffs and the potential for an economic downturn, the outlook for the U.S. industrial sector heading into 2020 remains positive, according to industry executives who spoke at the recent Avison Young U.S. Industrial Summit in Chicago. The sector experts cited low vacancy rates and rising rental rates among… Read more »
Forget The Last Mile: New Jersey Is Building Big To Meet Industrial Demand
New Jersey continues to see a growing number of new industrial buildings to meet increasing demand. Distribution centers in Northern and Central New Jersey continue to be snapped up almost as soon as they are made available, no matter the size. Industrial rents in the region rose slightly from the second to third quarter, continuing… Read more »
Commercial Market Much Stronger Than Headlines Imply
Over the past decade, New York City has experienced a period of strong economic growth driving an increase in jobs, commercial investment, and unprecedented demand to live and work in the five boroughs. As a result of this economic expansion our commercial real estate market continues to thrive and poised for success for the remainder… Read more »
When It Comes to Valuing Property, There Is No Such Thing as the Perfect Model
When it comes to understanding a building’s value, you want to work with a broker that offers a practical, street-wise approach and a brokerage that specializes in developing, managing, selling, leasing and marketing commercial and industrial property. At KDA we do all of that and more. And we know how to value buildings and make… Read more »