Downtown Brooklyn Is Where Office Rents Will Skyrocket Next, Say New York Property Executives in NewSeptember 4, 2013
NEW YORK CITY, NY--(Marketwired - September 04, 2013) -
When presented with a list of New York office neighborhoods, real estate executives most frequently chose Downtown Brooklyn as the spot where office rents will skyrocket next.
That's according to a new survey of more than 100 New York commercial property executives conducted during June and July by accounting firm Marks Paneth .
Seventeen percent of executives polled chose Downtown Brooklyn as the next hot office neighborhood, barely edging out the Garment Center and Hell's Kitchen (each 16%) on the West Side of Manhattan. Only 13% chose the Financial District, and only 10% chose the Grand Central area, according to the Summer 2013 Marks Paneth Gotham Commercial Real Estate Monitor survey.
Other neighborhoods thought of as "emerging" didn't garner as much confidence as an office hot spot as Downtown Brooklyn. Only 7% of survey respondents chose Long Island City; 8% DUMBO, and 6% Harlem.
"This could be another 'prestige' breakthrough for Brooklyn. Many people already think it's much 'cooler' to live in Brooklyn than Manhattan. It may soon be the 'hot' place to office," said William H. Jennings, Partner-in-Charge of the Real Estate Group at Marks Paneth.
The survey also asked which major development project will have the most positive, long-term impact on property values in their respective neighborhoods. Respondents were most likely to choose the Hudson Yards project on the far West Side (34%), followed by the Second Avenue Subway (28%), Long Island Railroad access to Grand Central (20%) and the World Trade Center redevelopment (10%).
The Gotham Commercial Real Estate Monitor from Marks Paneth represents the findings of a survey of over 100 top commercial real estate professionals in the New York City market. They included owners and managers of commercial property, commercial real estate brokers and agents, and attorneys and accountants specializing in this sector. The inaugural survey was completed in January 2013. The research employed self-administered questionnaires completed online by respondents. The list of professionals surveyed was compiled by Marks, Paneth and Shron LLP, the research sponsor. In addition, a link to the survey site was included in an online trade publication. Interviews were completed during the period of May 6 to July 1, 2013.
To receive a copy of the Summer 2013 Marks Paneth Gotham Real Estate Monitor and/or to survey with one of the Marks Paneth leaders who fielded the survey, please contact Katarina Wenk-Bodenmiller of Sommerfield Communications, Inc. at Katarina@sommerfield.com or 212-255-8386.
About Marks Paneth LLP
Marks Paneth LLP is an accounting firm with over 500 people, of whom nearly 65 are partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services, and energy clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.
The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth LLP, whose origins date back to 1907, is the 34th largest accounting firm in the nation and the 16th largest in the New York area. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top forensic accounting firms for the third year in a row.
Its headquarters are in Manhattan. Additional offices are in Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com