Office Rents May Be Peaking in Flatiron, Grand Central and Northeast Midtown, Say New York City PropFebruary 4, 2014
At the Same Time, Office Rents Set to Skyrocket Garment Center, Downtown Brooklyn and Hell's Kitchen, According to Marks Paneth Survey of 100-Plus Commercial Real Estate Execs
NEW YORK, NY--(Marketwired - February 04, 2014) -
Office rents in the prized Flatiron, Grand Central and Northeast Midtown districts will probably level off.
That's what a quarter of top New York City commercial property executives said in the latest Marks Paneth Gotham Commercial Real Estate Monitor, a survey of 100-plus owners and managers, brokers and agents, attorneys and accountants specializing in the space.
Office space will probably skyrocket in selected emerging office locations -- the Garment Center/Herald Square, Downtown Brooklyn and Hell's Kitchen/Far West Side. That's what 16%, 13% and 12% of executives said, respectively.
"The subtext may be that businesses will gain a bit more leverage as they negotiate leases in the white-shoe parts of Midtown and the putatively red-hot Flatiron/Midtown South district," said William H. Jennings, Partner-in-Charge of the Real Estate Group at Marks Paneth.
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. Professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, and attorneys and accountants specializing in the sector. The inaugural survey was completed in January 2013 and the second in June 2013. The research employed self-administered questionnaires completed online by respondents. The list of professionals surveyed was compiled by Marks Paneth, 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 November 7-30, 2013.
To receive a copy of the Winter 2014 Marks Paneth Gotham Real Estate Monitor and/or to speak with a leader from Marks Paneth's Real Estate Group, 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, 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 three forensic accounting firms for the fourth 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.