Medical office sector maintains high demand as other commercial real estate sectors struggle
Health care real estate is viewed as a stable asset among investors Despite commercial real estate challenges that started during the pandemic, the medical office sector remains one of the most resilient and a favorite for investors, according to JLL’s Healthcare and Medical Office Perspective report. Absorption has outpaced new supply and occupancy has remained… Read more »
Real Estate Makes Up Larger Share Of NYC’s Tax Revenue Even Amid Value Reset
Real estate taxes have steadily become a larger and larger part of New York tax collections over the last eight years as the city faces a fiscal crisis. In the financial year ending 2021, real estate-related taxes made up 54.1% of tax collections, up from an average of 51.9% between 2015 and 2018, according to… Read more »
Commercial Property Prices are Down 13 Percent Due to Higher Interest Rates
The impact of higher interest rates is beginning to take its toll on commercial real estate prices. Commercial property prices have fallen nearly 13 percent so far this year, according to Green Street’s Commercial Property Price Index in October. The Index reports that commercial real estate prices were down 7.3 percent alone in October. The… Read more »
Commercial Real Estate Rentals Are Heating Up
by Neil A. Dolgin This year has been a challenging one for building owners because of high inflation, rising interest rates and the increasing costs of doing business in New York City. It’s been an even tougher one for owners of vacant buildings who tried to sell their properties on the high side and waited… Read more »
Multifamily, Development, Industrial Trades Push Brooklyn’s Investment Sales To $5.56 Billion
Investment dollars poured into Brooklyn’s commercial real estate market in the first six months of the year, accounting for a quarter of the $22 billion in commercial property sales across New York City in 1H 2022, second only to Manhattan which saw 53% of the city’s dollar volume. The dollar volume in Brooklyn totaled $5.56… Read more »
A radical new ploy to lure Google and other firms to Brooklyn
When apartment landlords have empty units, they lure prospective tenants with cheaper rents and free perks. Office landlords haven’t historically offered such grand concessions to fill vacant square footage — until now. The New York City real-estate developer Rubenstein Partners is willing to offer a nearly 50% discount on rent and more flexible terms than… Read more »
Changes to Supply Chain Will Benefit Commercial Real Estate
Online shopping is now the preferred method for 68% of consumers, which has increased significantly since the beginning of the pandemic. Since the pandemic began, supply chain issues have impacted the eCommerce sector significantly. What does this mean for the commercial real estate industry? Keep reading as we discuss what is causing the changes to… Read more »
Understanding Different Types of CRE Leases
Leasing occupies its own particular corner of commercial real estate landscape, complete with specialized practitioners who represent tenants and landlords big and small. And while it’s the giant-square-footage commercial property transactions with complex clauses that make the headlines, it’s the smaller leases that make up bread-and-butter negotiations. Regardless of size, however, commercial lease agreements generally… Read more »
Pension funds pull back on commercial real estate
The retirement funds are cooling on the sector and limiting new investments in the sector, the Wall Street Journal reported. The shift comes after they poured money into commercial real estate during the first half of the year, capitalizing on a market trying to recover from the wreckage of the pandemic. Retirement funds made $32.6… Read more »
Chicago ramen restaurant Urbanbelly coming to new Williamsburg Market
Chicago-based Cornerstone Restaurant Group, best known for Michael Jordan’s Steak Houses, is set to bring its beloved ramen restaurant Urbanbelly to Williamsburg next month. The new restaurant — an expansion for Urbanbelly, at home in Wicker Park — will be located in the new Williamsburg Market, coming soon to 103 N. Third Street. The Kings… Read more »
Commercial Real Estate Is Slowing Down in Q3 2022
After the strong rebound for the U.S. economy in 2021, growth in 2022 has slowed in the face of rising inflation, the household income squeeze, and geopolitical events. While the economy continues to deal with elevated inflation, data shows a slowdown in the growth of commercial real estate. Demand for apartments and office spaces is… Read more »
Finding Good News in NYC Commercial Real Estate
by Neil A. Dolgin After a strong economic rebound for commercial real estate in 2021, data from the National Association of Realtors (NAR) indicates a slowdown in the growth of commercial real estate in 2022 resulting from the effects of the Covid-19 pandemic, rising inflation, higher interest rates, and geopolitical events that have caused a… Read more »
Lenders favor resi projects in big month for outer-borough loans
Kings County reigned in July as lenders pumped billions into outer-borough real estate projects. The month’s 10 biggest loans totaled $1.8 billion, more than five times June’s total, and about twice as much as last July — closely mirroring a similar rebound in Manhattan. Brooklyn captured seven of the month’s 10 largest commercial loans, while… Read more »
Innovation QNS Development Gets Nod From City Planning Commission
The New York City Planning Commission approved plans for a 2.7 million-square-foot mixed-use development in Astoria, Queens, dubbed Innovation QNS, even after the project was shot down by the borough president and local community board. City Planning approved the plan by a vote of 10 to 3 on Wednesday morning, with City Planning Commission chair… Read more »
Affordable grocery chain Lidl to expand into Brooklyn at site of former Park Slope Key Foods
Lidl, a budget-friendly grocery store, is scheduled to arrive in Park Slope in 2024— as the center of a mixed-use development in place of the former Key Food on Fifth Avenue. The German grocer signed a lease with developers William Macklowe Company and Senlac Ridge Partners for its first Brooklyn outpost at 120 Fifth Avenue,… Read more »
New York City’s Empty Offices Reveal a Global Property Dilemma
In the heart of midtown Manhattan lies a multibillion-dollar problem for building owners, the city and thousands of workers. Blocks of decades-old office towers sit partially empty, in an awkward position: too outdated to attract tenants seeking the latest amenities, too new to be demolished or converted for another purpose. It’s a situation playing out… Read more »