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How warehouses are taking over the U.S.


For every Cyber Monday purchase, there is a warehouse employee packing up those soon-to-be presents. The big online shopping holiday comes amid a warehouse shortage across the United States as distribution center vacancy rates are at all-time lows. Nearly 96% of existing industrial space is in use, according to commercial real estate services company JLL…. Read more »

NYC Commercial Real Estate Brokers Say They’ve Never Been More Confident


Even in light of the slew of existential threats facing the industry, commercial brokers’ confidence is on the rise. The Real Estate Board of New York’s quarterly real estate broker confidence report showed its Current Conditions Index for commercial brokers spiked to hit a record high of 36, up from 20 the quarter before and… Read more »

Forrester: Physical stores to account for 72% of U.S. retail sales in 2024


Physical retail continues to drive the bulk of retail sales — and will for quite some time. Despite all the attention given to e-commerce, 72% of U.S. retail sales will still occur in brick-and-mortar stores in 2024, according to new research from Forrester. Even during pandemic-induced mandatory shutdowns and with additional safety concerns, consumers have… Read more »

Why Commercial Rent Controls Are a Bad Choice for New York City


by Neil A. Dolgin In my last post, Factors Shaping the Future of Commercial Real Estate in NY, I made the point that commercial real estate throughout the city is at risk as the climate for doing business is becoming increasingly difficult. While landlords are trying to recover from mounting losses due to the pandemic… Read more »

Value of NYC Office Buildings Drops by $29B During Pandemic


The pandemic’s impact on New York City’s office market might be worse than anyone thought. The coronavirus erased years of growth in the city’s office sector, and, along with it, $28.6 billion in market value and more than $850 million in property taxes in the city’s 2022 fiscal year, according to a report from New… Read more »

New Yorkers brought NYC back despite hysteria over the Delta variant


If New York City is to be saved from COVID-19, it will be no thanks to the politicians, bureaucrats and big-business leaders who once upon a time we might have turned to for leadership. Instead, it will be entirely due to Big Apple residents and visitors who are loving the place with their growing presence… Read more »

Developer to break ground on first brand-new Dumbo office building in 100 years


Anyone can boldly announce plans for future office buildings that have no official groundbreaking dates. It’s another to actually start construction amid the lingering pandemic when the city’s overall office market continues to see record-high vacancy rates. On Sept. 14, developer Edward J. Minskoff and JP Morgan Global Alternatives will take the plunge on 29… Read more »

Mayor Unveils Plan to Prop Up Crumbling BQE Until 2040


It’s been five years since the last fight over New York City’s most controversial development tax break — 421a — and developers are already preparing for the worst when the current version of the tax exemption expires in June 2022. No one in the real estate industry knows what the state legislature will do. Will… Read more »

Here’s How CRE Sales Can Truly Return to Pre-Pandemic Levels


by Neil A. Dolgin The Wall Street Journal (WSJ) recently reported on investors who are diving back into commercial real estate and driving this year’s sales volume to pre-pandemic levels. Combined with lower interest rates, they are reporting a renewed optimism that the worst of the pandemic may be behind us. Driving that conclusion is… Read more »

New York City’s small businesses are facing a pandemic-altered commercial real estate landscape 


Despite the uncertainty surrounding the ongoing spread of the COVID-19 delta variant, certain opportunistic retailers in New York City have been able to take advantage of tenant-favorable market conditions, successfully negotiating free rent, flexibility on term length and percentage-rent deal structures, and other previously unthinkable extras. As the COVID-19 pandemic has turned New York City’s… Read more »

Food & beverage fortifying commercial NYC real estate market


Shrugging off the pandemic’s impact on sales, supply and hiring, food-and-beverage uses continue to lead all retail-leasing categories in the Big Apple – and the lead even grew larger over last year. We had a look at some not-yet-released data which show the extraordinary resilience of edibles and drinkables in today’s historically challenged retail-leasing market…. Read more »

Cannabis Retailers In A ‘Feeding Frenzy’ To Lock Up Space Before Applications Open


Although the regulations for New York’s now-legal recreational cannabis market are still months from being announced, the race for cannabis retail real estate has already begun. Even though the rules around operating a recreational dispensary have yet to be set, would-be cannabis retailers are already securing deals for space, in some cases paying cash upfront,… Read more »

The City is Coming Back


by Neil A. Dolgin Since the beginning of the COVID-19 outbreak eighteen months ago, New Yorkers have become all too familiar with empty office buildings and store fronts on practically every block. It’s also true that the economic fallout has heightened some already-existing trends as companies and retailers continue to grapple with how to best… Read more »

New York Releases Zoning Plan for Gowanus Manufacturing Area


As New York inches forward with the controversial Gowanus neighborhood rezoning in Brooklyn, the Department of City Planning (DCP) has released a plan for the industrial area along the polluted Gowanus Canal, which calls for denser commercial development, relaxed parking rules, and infrastructure and street upgrades. The Gowanus Industrial Business Zone includes a diverse array… Read more »

Developer Seeks Rezoning to Replace Greenpoint Warehouse with Apartments


A new, nine-story building is being planned a block away from the waterfront in Greenpoint. The developer is asking for a rezoning in order to construct the building, located at 79 Quay St. The building will have a total of 83 apartments, 25 of which will be affordable, according to Einhorn. Parking in the cellar… Read more »

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