Raise Commercial Real Estate’s Post

This is $2400 worth of office chairs purchased for about $1100. Barely used and headed to the Kinesis office. The dealer told me he had more if I needed them. I asked, “how many more?” About 450. I thought it apt to take this photo in front of this new construction. Many of Portland’s premier offices are 50% occupied (or less). The next few years will be very challenging for commercial real estate, especially when payments rely on pre-pandemic occupancy levels AND interest rates. 😱 If you’re a tenant or looking for space, you’ll see an environment unlike anything in the last 20 years.

Despite nearly 100 million square feet of vacant office space in Manhattan, investors and developers are optimistically constructing new jumbo towers, anticipating future demand. Large companies, including Google, Blackstone, and American Express, are actively seeking significant office space. Hudson Yards is a key area of development, with projects like 70 Hudson Yards, offering 1.2 million square feet and 45 stories, under construction. Other notable projects include 3 Hudson Blvd, the Spiral, 555 Greenwich, and 2 World Trade Center. Additionally, several towers are planned or underway in Midtown, including at 270 Park Ave, 343 Madison Ave, and 350 Park Ave. These developments are part of a broader effort to rejuvenate the city's skyline and attract businesses with modern, well-equipped spaces. #NYCDevelopment #HudsonYards #ManhattanOfficeSpace #RealEstateTrends #UrbanSkyline #FutureOfWorkSpaces #MajorDevelopments #OfficeTowersNYC #CommercialRealEstate #CityGrowth Contact me to discuss the latest scoop in real estate! #realtist #nyrealtor #nycrealtor #manhattanrealtor #brooklynrealtor #bronxrealtor #queensrealtor #westchesterrealtor #douglasellimanewyork #nyrealestate

Day 1 of my 2024 predictions for commercial real estate in New York I expect office leasing prices at the top end of the market (Class A and Class A+ buildings) will move higher as a result of the scarcity of new development. There are very few new office buildings being built currently in New York City creating a scarcity of new high-end office space. Stay tuned for #2 tomorrow #cre #commercialrealestate #newyorkcity #realestate #office #newyorkrealestate

This is an in-depth article about the lengths that owners of Trophy Class Office Buildings in Manhattan are going to in order to attract tenants to their high-rent buildings. They are betting that lots of surveys about what their tenants want and lots of money spent on amenities will attract people back to the office (and their buildings).

Corona after effects.. More than 31% of Downtown Minneapolis office space is vacant. Converting office high rises to apartments is expensive - new apartments cost $250,000 to $350,000 per unit. Conversion project could cost $600,000 per unit. Tear down and rebuild is probably the best option for a lot of office buildings. How is this playing out in other cities? Do you see the downtown vs suburbs landscape completely transforming over the next few years? https://lnkd.in/gq67sQ6t

The 12-story, glass-encased 14th + Spring building was prolific office developer Greenstone Properties' most ambitious project yet when it started construction in 2019. But nearly a year after the speculative 324K SF project was delivered, the Midtown Atlanta building still sits vacant. With the sorry state of the office market, it might be the last office building Greenstone founder De Little ever builds, he told Bisnow in a recent interview. Read more about this development here: https://bit.ly/3s3X8cr #atlanta #atlantarealestate #georgiarealestate #atlantageorgia #atlantageorgianews

The downtown Boston office market faces challenges exemplified by the recent sale of two connected buildings at 33-41 West Street. These properties once sold for $16 million in 2016 but were recently purchased for just $4.1 million. Experts caution that the 74% decline in value is specific to this underperforming property and doesn't reflect the broader office market. In fact, some newer or renovated spaces are thriving. Despite challenges, Boston's diverse economy and employment base provide resilience. However, concerns about declining property values impacting city revenues remain on the radar. #bostonoffice #cre #bostoncre #capitalmarkets https://lnkd.in/e9CdVjtT

Exciting news for the New Jersey office market! Despite challenges, Q4 2023 saw a 103% surge in leasing demand. Tenants are upgrading to Class A spaces, driving positive momentum. Tenants are focused on upgrading their spaces, with 85% of leasing occurring in Class A buildings. Direct leases and subleases at Class A properties indicate a commitment to office space and a persistent demand for top-tier spaces. It's an exciting time for New Jersey's office market. Read more about this promising trend: https://lnkd.in/eSjUf9cb #NJOfficeMarket #RealEstate #LeasingTrends #OnyxEquities #EconomicRecovery #CommercialRealEstate #CRE #NewJersey #BackToOffice

Castleforge's Founding Partner Michael Kovacs sat down with CoStar News Paul Norman to discuss the latest on our 75 London Wall Street project and the future of office real estate, including the new priority placed on amenities, flexible space, and #ESG. When asked about amenities, Michael said:   "Location is the biggest amenity. An A building in an A location is obviously best. But next in the pecking order, I think if it is an A building in a B location or a B building in an A location then the latter is less likely to be empty."   Read the full article here: https://lnkd.in/d-eSbFEN

“Is Las Vegas a city of the future?” I think it’s definitely the present and the future. Great article showcasing Las Vegas vs National markets as far as planned communities, more specifically commercial real estate in the community. If you are considering Las Vegas for your home or business, don’t hesitate to reach out for contacts, resources and information! #vegas #lasvegas #nevada #entreprenuers #startups #bizdev #realestate #commercialrealestate #office #taxincentives