An Update on NYC Real Estate from Robert Khodadadian
The real estate market in New York City isn’t slowing down, and neither is Skyline Properties. We make it our business to stay abreast with the latest market trends in order to give our clients the most accurate and up-to-date information available. We’re just three months into 2015, and already new market trends are beginning to emerge.
According to the market analysts over at The Real Deal, office space availability in Manhattan is falling, and consequently commercial real estate is selling for a higher premium. While 10 new office buildings it the Manhattan market this March, availability was down by nearly 10 percent overall.
Meanwhile, intense competition in Midtown South tightens its hold on the market. The gross available space in midtown dropped to below six million square feet in February – its lowest point since 2000. Likewise, we can expect prices in this area to continue to rise for the foreseeable future. Meanwhile, in nearby Midtown, availability has crept up, but property values show no sign of declining just yet.
Demand in the downtown market is up, as property availability in the area has plummeted by 12 percent since January. Likewise, rent in the area continues to hold steady at an all-time high.
Here at Skyline properties, we’re continuing to provide our clients with uncommon discretion, tapping into hidden resources and facilitating “quiet deals” before they hit the market. We have the contacts and the industry know-how to give us our clients an edge on an increasingly fast paced and complex real estate market.
Stay tuned for more updates on New York City real estate from Robert Khodadadian of Skyline Properties.