Top 3 Things You Need to Know About New York’s Commercial Real Estate
June 24, 2019 |
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New York City is the best place in the world. And we’re not saying that because we’re biased. And we are.
But the commercial real estate market in New York is tough. To help you get a leg up on the market, here are the top three things you need to know.
1. Check out emerging sub-markets.
Manhattan might be the holy grail of New York commercial real estate, but other boroughs are quickly gaining in popularity. Developers are quickly snapping up opportunities in markets like Brooklyn, Queens, and the Bronx. With lower rents, easy access to transit, and a delightful walk-ability, these thriving boroughs are ideal for those looking to get into New York’s commercial real estate.
2. Interest rates are climbing.
Like our skyscrapers, interest rates seem to only be growing higher. Most New York real estate professionals believe that interest rates will continue to climb for awhile yet. Keep that in mind when looking for commercial properties (and Dime can help you with that.)
3. More concessions.
Because of the increase in new commercial building construction in New York, owners and landlords of existing buildings are struggling to keep up. Providing rent concessions and tenant allowances to new lessees may be needed to compete with up-and-coming buildings.
For more tips about the New York commercial real estate market, Dime is here for you.