City improvements mean higher commercial rents

TRD New York /
Jul.July 06, 2012 09:30 AM

Areas in New York City where the city has poured money into improving streets and public spaces have seen commercial rents rise, Crain’s reported.

According to a recently released study by commercial real estate brokerage J. Liff Co., the Meatpacking District and the Flatiron area have seen the largest increases in rents and greatest decreases in vacancy rates. And it’s no coincidence that these areas were prioritized for beautification by the Bloomberg administration, the report showed, according to Crain’s.

Last month, office availability rates in the Meatpacking District were 3 percent, the lowest in the city and down from 12 percent from three years ago, the report said. In the Flatiron District, there was a 30 percent decrease in availability in the area since 2009, to 9 percent. Both areas have had bike lanes, and pedestrian plazas were put in recently.

“So much of [renting office space] is about attracting young talent,” Matt Bergey, a broker with CBRE, told Crain’s. “Midtown south is a lot more friendly than midtown in a visual sense.” [Crain’s]

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Data Book 2020 Promo

Coming soon: The Real Deal’s 2020 Data Book

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

A rendering of  280 Meeker Avenue CW Realty Management CEO Cheskie Weisz (CW Realty Management)

CW Realty to bring mixed-use project to troubled Williamsburg site

From left: Luise Barrack, Jonathan Mechanic, Jay Neveloff, and Robert Ivanhoe (Illustration by Hannah Drossman)

Sizing up NYC’s real estate law firms with the highest attorney headcounts

Martha Stewart

Design it the Martha Way: Martha Stewart to brand real estate developments worldwide