The Real Deal New York

Leasing of gym space climbs in Manhattan

Number of fitness companies' leases up to 22 last year from nine
May 19, 2014 08:50AM

Demand for gym and workout studio space in Manhattan grew last year as the number of related leases more than doubled 22 to nine the previous year, according to Cushman & Wakefield data.

Planet Fitness, Equinox Holdings and SoulCycle were among the companies to grab space last year throughout the borough. The city’s Board of Standards and Appeals has also been granting more permits to fitness businesses. Last year, a total of 37 were approved, including 21 in Manhattan. The year before that, the city approved 24 permits for the companies.

“It’s all expanding from Chelsea, Flatiron, Union Square and it mushrooms out,” Gregory Tannor of Cushman & Wakefield told the Wall Street Journal. “Some people ask me if it’s a fad. I say, ‘Is walking a fad?'”

Ground-floor gyms help owners of office towers draw commercial tenants. At residential properties, residents are more likely to rent or buy an apartment upstairs if there is a gym or boutique fitness center below. [WSJ]Mark Maurer