When someone says commercial real estate in New York City what are the thoughts that come to mind. Are the words too expensive, unavailable, or out of reach a popular choice? While that is a common thought, purchasing real estate in New York City is attainable. Buy real estate in New York City and enjoy all the attractions, food and excitement this beautiful city has to offer.
What type of commercial property does the city have available? Believe it or not the city has Land for Sale, Industrial Property, Multifamily Apartments, Office Space and Retail Space available. It’s available in many parts of the city, including Manhattan and Harlem.
According to Real Estate Econometrics, an analytics firm tracking commercial real estate suggests that new office space is available in downtown Manhattan. One World Trade Center will offer approximately 2.6 million in new office space. Large lots are also expected to be available. The financial downturn 5 years ago did give the commercial real estate community reason for pause and it left a foreboding atmosphere all over the city. However, the economy in New York is improving and the mood for commercial real estate is definitely on the upswing.
If it’s not clear that the Big Apple is an exciting place to purchase commercial real estate, consider the excitement overseas purchasers are showing about New York City. According to a recent report released by Colliers International, a real estate brokerage firm, foreign investors bought record property in expensive areas. Investors bought over 5 billion dollars of Manhattan office space in 2013. China leads the foreign buyers by purchasing the a 60 story building located at One Chase Manhattan Plaza for over $700 million and one Chinese real estate mogul purchased a stake in the GM Building for over 700 million.
Canada is still one of the top investors in New York City Properties. This country has invested 14 billion. Singapore and Abu Dhabi are also leaders in the commercial real estate properties buying frenzy.
New York City is and will always attract investors. Commercial realtors in the space include names like Jones Lang LaSalle, and Island Capital Group (read more about real estate deals closed by Andrew Farkas).The city is voted as the best place to find luxury stores, the most ethnic foods and sandwiches and delis, theater and performance arts and historical monuments. The public parks and nightlife are favorites of residents and visitors.
New York City is consistently at the top of the list for most favorable cities to visit because it has so much to offer. Commercial real estate in New York City is the talk of the world. Take a look at the commercial real estate opportunities, it is worth it.