In large cities throughout the world, including New York City, commercial real estate is big business. While there is no denying the fact that many markets have struggled over the last few years due to the economic downturn, things are beginning to look up.
The fact that commercial real estate deals in New York City often reach hundreds of millions of dollars is no surprise at this point. With each passing year, real estate transactions in and around the Big Apple never cease to amaze.
In New York City, there are office buildings from one side of the area to the next. Within these buildings are companies of all sizes and industries. While rent can be high in the Big Apple, there is something to be said for having an office in the city that never sleeps.
When it comes to commercial real estate, many cities throughout the United States come to mind. These include, but are not limited to, New York City, Houston, Chicago and Miami.
Commercial real estate has a bright future in New York. What has traditionally been deemed a safe investment took a serious beating in the last recession; but since then it has seen steady growth as the national job market improves. As a matter of fact, a recent report by the National Realtors Association suggests that rents for commercial real estate are primed for growth for the remainder of 2013 and into 2014 as well.
Earlier this month, we wrote a blog post about a pair of copper apartment towers that could be constructed in New York City's Midtown East as early as 2016. We, along with many others, marveled at the architectural renderings for the towers, which looked unique and refreshing. The architectural renderings are a key piece for developers who are trying to complete a new project. The pictures convey beauty and promise, and it can lead to a community accepting the project; or vehemently fighting it.
The relationship between a business and the landlords that oversee the company's lease (if the business does not have its own space) can be a tenuous one. Some of these commercial real estate relationships are strong, and the tenant and landlord are able to work through their differences. But if the two parties have a strained relationship, then any dispute is likely to turn south in a hurry.