Commercial-related publisher American City Business Journals recently put a spotlight on the central findings of research done by Ten-X Commercial, a national digital real estate marketplace.
The bottom line is interesting on several fronts, and we pass along some material details for our readers in New York and elsewhere, focusing on aspects in the article that zero in on the commercial real estate market both regionally and nationally.
That market, stresses Ten-X, is distinctly bifurcated, and has been so for some time.
On the one hand, some locales across the United States — Ten-X makes specific reference to Chicago and other Midwest enclaves — have suffered through a comparatively rough slog in recent years. Many commercial properties have remained vacant, with high numbers of would-be commercial lessees being unwilling to make long-term commitments, coupled with many landlords that regard lease rental rates as prohibitively low in many instances.
One stated — and notable — reason for a dampened commercial marketplace in many areas is an appreciable reduction in available workspace that has materialized as a new norm in recent years. Ten-X notes that, whereas the average amount of area allotted per American worker in 2010 was about 225 square feet, “the estimate for this year is just north of 150.”
Reportedly, New York City signifies a commercial market that is the polar opposite of those dotting the country that have been denoted as “left behinds.” Commercial realities in the city (not the suburbs, Ten-X stresses) have led to a “hot” environment marked by low office vacancies, high demand and steadily increasing rents.
Any business principal with knowledge of the New York City metro commercial world knows that both challenges and opportunities abound, which is a flat reality for both commercial lessees and property owners/managers seeking to profit through lease activity.
Proven New York attorneys commanding long-tenured commercial experience, as well as hard-earned financial and business acumen, can help clients across a diverse spectrum — ranging from the above-cited lessors and lessees to buyers, sellers, lenders, syndicates, agents, private investors and other entities — pursue commercial opportunities across the city and beyond.
Working with experienced legal counsel can help a commercial entity take fullest advantage of a business opportunity, while mitigating risks and potential downsides at the same time.