| Fifteen executives from various real estate disciplines met at New York City law firm Davis & Gilbert (D&G) at 1740 Broadway to discuss the state of the New York Metropolitan property market. Touch points covered activities in the office, retail, commercial, big box, and healthcare markets in Manhattan, with a nod toward growth in residential properties in the Burroughs. The dynamic growth of the retail and office leased space south of 23rd Street was highlighted, along with new leasing opportunities in the midtown Hudson area, as well as the national trend in outsourcing urgent healthcare facilities and services.
At one end of the spectrum is the 53K SF Under Armour deal that Steve Soutendijk of Cushman & Wakefield was involved with; at the other end of the spectrum Andrew Mandell, Managing Partner at Ripco Real Estate, noted that there is less retail happening and those deals have gotten smaller. Retailers are pulling back to smaller spaces due to today’s higher rents. He noted that it is an interesting time for retail, with the real estate market doing better outside urban areas. |
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