Companies nationwide have spent the last few months shying away from long-term investments as the economy continues to fluctuate and the presidential election closes in. But New York firms are bucking the trend with many choosing to take more office space even during uncertain times.
In a column for Forbes.com, John Brod of PBS Real Estate describes New York City’s “proactive maxim” as “when it comes to expanding your physical presence, there is no time like the present.”
As Brod points out, technology firms such as Salesforce.com, LivePerson and LinkedIn have all expanded their New York City presence in recent months. Salesforce grew its space five-fold in its move from Grand Central to 685 Third Avenue. It inked a deal for 74,349 square feet at the Third Avenue building.
Even financial firms have been expanding: JPMorgan Chase recently upped its presence at One Grand Central by inking a deal for 21,683 square feet of retail space. Retail condos have also been attracting significant levels of interest from investors, Brod noted. [Forbes] – Katherine Clarke