The lower part of Manhattan in New York recently had its most robust quarter of leasing activity in the past seven years. Office space spanning nearly two million square feet was leased in this part of Manhattan during this year’s second quarter. Research shows that the sectors of information and media, technology, and advertising contributed to most of the real estate transactions.
Multiple deals contributed to Lower Manhattan’s strong second quarter in the commercial real estate market. J.Crew began to lease more than 300,000 square feet for the company’s corporate headquarters in March. In addition, McKinsey & Company began to lease more than 184,000 square feet that month as well.
The opening of the 3 World Trade Center in Lower Manhattan was especially monumental during the second quarter. After all, the center, which is where McKinsey & Company is leasing space, is bringing new jobs and companies to the area. So far, the campus has opened up and integrated effortlessly into the community. The rent for Class A space for offices is currently higher than it was during the first quarter, when it was a little over $62 per square foot.
The growing number of real estate transactions recently in Lower Manhattan may be excellent news for New York investors. With the right properties, they can charge highly competitive rent prices and thus increase their bottom lines for months and even years to come. An attorney can help investors to navigate the ins and outs of commercial real estate transactions in the Big Apple to make sure that their best interests both legally and financially are protected long term.