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What is the current demand in New York City commercial real estate?
I hear it all the time, “commercial real estate is probably dead, no one wants a commercial property in New York.”
Well, are you talking about all kinds of assets or are you only talking about office space, which I will say in the last few weeks there has been a large demand of office space with all the come-back to work talk, with all the requirements from employers for people to be back in the offices.
Now businesses are starting to rent more spaces. Owners are starting to realize that there’s more demand for an adjustment to their office spaces.
The other place that there’s a significant amount of demand are restaurants. Second generation restaurants, to be specific.
What’s happening is that, as New York City has added all kinds of outdoor seating, New York City has made it more accessible to small mom-and-pop owners to have a bigger footprint in this city.
We have so many people who have succeeded during the pandemic and during this time so they want to expand, they want to open their second, third and fourth location. However they don’t want the significant cost of doing that, so what they do is they go into a location that may have failed, that may have closed, and that is what we call a second generation space.
Check the next post for the third tip!