New York, NY -- (SBWIRE) -- 03/06/2019 -- Manhattan Office:
Strong Manhattan office demand overpowers new construction deliveries. As a result there was net absorption of 1.8 Million Square Feet last month. Cannibalization of the existing older office stock continues with 3 new buildings scheduled to be demolished in the Plaza district and one on Columbus Circle.
New national store closures will put even more pressure on an already soft retail market. Payless is just one example of a recently announced closing with all of its 2,100 locations in the US. Fifth Avenue has numerous existing store closures putting pressure on 5th Avenue Rental prices.
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. For more information go to our website www.optimalspaces.com.