January 9th, 2023
New York City’s Central Business District is the largest of its kind in the United States and is one of the world’s most prosperous and resilient business hubs. Although there are several designated business districts in New York, the city’s primary Central Business District (CBD) refers to the area consisting of Midtown and Downtown Manhattan. This area has been an influential economic and financial center since the 19th century, mainly thanks to the presence of the New York Stock Exchange and other important financial institutions.
Key Facts & Figures
The CBD consists of three sub-districts: Midtown, Midtown South, and Downtown, which are further divided into 18 submarkets. 2022 data from the NY State Comptroller shows that the city is home to more than 250,000 registered businesses, including 43 S&P 500 corporations.
The CBD has more than 617,000 residents and local companies provide employment to 1.5 million people.
NYC attracts more than 30 million visitors per year, including leisure and business travelers. Visitor numbers are projected to exceed 70 million by 2025.
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Tags: Business Start Ups, CBD's, Central Business Districts, Manhattan, new york
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February 11th, 2021
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With a market size of nearly $900bn, the United States has one of the world’s largest commercial real estate markets, coupled with some of the most desirable business locations to match. This post serves as the first part of our examination into the US market’s performance based on data from Q4 2020 and Q1 2021.
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Tags: 2021, Boston, Dallas, dc, new york, philadelphia, San Francisco, vacancy and supply, Washington
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April 30th, 2020
The Empire State Building, situated in vibrant Midtown Manhattan, was inaugurated in 1931 and soon after it became one of the most iconic high rises in the city of New York. The 102-storey art deco style skyscraper is located within walking distance of Herald Square and 33rd Street subway stations and is within easy reach of 16 subway lines.
As well as being a major tourist attraction, the Empire State is a commercial building that accommodates office occupiers mostly involved in banking, technology, and advertising and offers one of the most prestigious business addresses in the city of New York. The building’s antenna is also a broadcast tower that serves the media sector, and there are several radio and television stations that broadcast from their offices in the building. Moreover, the Empire State’s observation deck is one of the most visited tourist landmarks in the city, generating approximately 40 percent of the building’s revenues, and attracting around 4 million visitors a year.
This 102-story building is has been occupied by a diverse mix of highly successful companies over the years, and major tenants have included prestigious businesses like LinkedIn, Bank of America, Shutterstock, Expedia, Media General, BNP Media, Qatar Airways, Unipharm, Bonten Media Group, Walgreens, Noven Pharmaceuticals, and Orion Energy.
Finding Office Space In the Empire State Building
The Empire State Building has a total floor area of more than 2 million square feet and includes a fantastic portfolio of small, mid-size and multi-floor units, pre-built offices and built-to-suit premises occupying full floors. Floor sizes range between 12,900 and 100,000 square feet. Read the rest of this entry »
Tags: Empire State Building, Manhattan, new york, office space options
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February 2nd, 2020
The Wall Street area is internationally renowned as the world’s financial capital and is an exceptional place to do business. Wall Street itself is a 0.5-mile long artery located between Broadway and South Street, and has a high concentration of highly successful banking and financial headquarters as well as large corporates.
Stock trading activities have been taking place in Wall Street since the 19th century. Today, Wall Street is a hub for firms involved in investment banking, private equity, hedge funds, and asset management. Although finance, banking and insurance are clearly predominant in the area, tourism is also an important industry, since Wall Street and the adjacent alleys are one of the premier tourist destinations within New York City. This area is home to important landmarks, such as the Lincoln Center, the Federal Reserve Building, and the Museum of American Finance.
Some of the most important organizations based in Wall Street are the New York Stock Exchange, Manhattan Chase Bank, Charles Swab, Deutsche Bank, Bank of America, Morgan Stanley, Goldman Sachs, Deloitte, BlackRock, Citibank, but there is also a large number of businesses involved in the food services and leisure, which cater to the area’s tourists and daytime population.
Wall Street is known for attracting some of the brightest talent around, and although the recession caused job losses, employment gains have been evident for some time. There are many corporate recruiters based in Wall Street, including Michael Page, Amity Search Partners, Oxbridge, Foster McCay Group, Smith Hanley, SG Partners, and Glocap Search. However, the area is no longer the largest employment hub in the city, since that position now belongs to the Silicon Alley area located in Midtown / Lower Manhattan. Read the rest of this entry »
Tags: Business Districts, Business Start Ups, new york, Office Space, Wall Street
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February 17th, 2016
An in depth look at how the Manhattan office space market has fared in 2015 and forecasts for this coming year.
Manhattan Office Market Overview of 2015
Over the past 12 months, federal economic policy has been focusing on expansion, driving an increase in employment rates, especially as far as office-based employment is concerned. This type of employment grew by 2.6 per cent in just 1 year, and prompted a considerable increase in demand led by occupiers in the Manhattan financial services sector. In certain Manhattan sub-markets (such as in Midtown South), strong demand from tenants in the TAMI sector (technology, advertising, media, and information) was also evident.
At the end of 2015, total office stock in Manhattan was just under 395 million square feet, of which 28 million were vacant. Total transaction volume amounted to more than 28 million square feet, one of the highest figures of the past 10 years. However, there was a slight decline in transaction volumes in downtown Manhattan, where transactions mostly involved small and medium-sized office properties.
Manhattan Office Market: Key Facts & Figures
During 2015, office vacancy rates in Manhattan went down from 9.3 per cent to 8.5 per cent. This decrease equals to 90 basis points on a year-on-year basis, and brings vacancy rates closer to Manhattan’s historical average of 8.9 per cent. In Midtown South, vacancy rates were markedly lower at 6.2 per cent, whereas in downtown Manhattan they went down by 30 basis points to 9.4 per cent. Read the rest of this entry »
Tags: 2016, CRE, Manhattan, new york, Office Market Trends, Office Space
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