New York, NY -- (SBWIRE) -- 04/11/2019 -- Manhattan Office:
Manhattan office rents were up an average of $4/RSF in Midtown. Some of that increase is the result of new construction and more expensive office space being leased and inexpensive offices being torn down. There has been over 16 million square feet of office space either demolished or converted to alternate uses in the past 12 years.
There were more store closings announced than new openings. Tommy Hilfiger is the latest Fifth Avenue store to close. Payless also announced it is closing.
On a positive note: The Hudson Yards mall opened with a 1 million-square-foot complex that is about 85% occupied.
Manhattan Building Sales:
Manhattan investment sales reached over $3 billion in deals closed, up 12% more than the 12-month average, but down 30% from December's peak.
For the latest market research on New York City commercial real estate, contact Stephen Sunderland. Optimal Spaces releases a monthly analysis of the market, including detailed statistics and graphs:
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Optimal Spaces is an industry leader Tenant Representative firm helping clients looking for office, retail and industrial real estate in New York City. We solely represent our client's interest, unlike most other brokerage firms who represent the landlord's interest. Optimal Spaces offers strategic advice and execution for commercial real estate, corporate brokerage, market research and consulting. Optimal Spaces' brokers are all experts, each with a minimum of ten years in the fields of retail and office.
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