Major businesses have their sights set on NYC office space. By the end of this year, new offices will be open for leasing in Brooklyn, Queens, and Manhattan, giving businesses nearly 10 million square feet in which to set up operations. With more office space planned over the next few years, New York commercial real estate investors are allocating resources to purchase properties and get them ready for the oncoming rush of lease agreements.
Renovating and Repurposing NYC Office Space
Companies are currently scouting for office space throughout NYC. Spearing the movement, Pfizer recently leased 800,000 square feet at 66 Hudson Blvd. Businesses near and overseas are looking at NYC office space to get a stronger foothold in a major commerce center. With land at a premium, commercial real estate investors are analyzing their existing portfolios to see how they can renovate and repurpose properties to attract businesses looking for office space in NYC. Alternatively, investors are looking at recently rezoned commercial properties in Brooklyn to make acquisitions and renovations over the next few months. NYC is poised to see an influx of pharmaceutical, medical, logistics, and tech firms leasing office space from now until 2022, according to analysts. This gives commercial real estate investors in the New York area a small window to get things in order for the big rush. Property investors also understand that many of the businesses – especially those coming from overseas – are not sensitive to prices, and are willing to pay the rates set by the owners to have a base of operations in NYC.
High Returns on Renovated NYC Office Space
The global market once again is returning to NY. However, for NYC office space to compete with other locations around the world, offices need to offer something that’s more state-of-the-art than other cities. Since new construction takes planning and time, many investors are allocating funds to overhaul the interiors of existing structures to give business tenants a cutting-edge workspace while still retaining the charm of traditional NYC architecture.
At Express Capital Financing, we provide funding solutions for construction, acquisitions, and renovations for NYC office space. If you are an investor looking to make a return on the influx of business tenants over the next few years, contact our offices today.
