Throw The Rulebook Out: Office Leasing Is All Over The Map
The old rules don’t seem to apply anymore in NYC’s Class-A office leasing game.
Firms that once were found only in the Plaza District are now eyeing space in Midtown South. And Brooklyn will have 9.6M SF at 26 locations by 2020, reports the New York Post.
Among the companies to make the jump to Brooklyn: J. Crew’s Madewell division, which will take 60k SF at The Factory in Long Island City, Time Inc, which last year took 55k SF at Brooklyn’s Industry City (shown above), and 72 and Sunny, which took 50k SF on the penthouse level at Empire Stores in Dumbo.
Cushman & Wakefield’s Joe Cirone, who represents several office projects in Brooklyn, including Rudin Management and Boston Properties’ Dock 72 at the Brooklyn Navy Yard, tells the Post he’s been getting inquiries from European companies opening their first US office—and they’re only interested in Brooklyn.
Location is the No. 1 factor even for financial services firms Savills Studley’s Evan Margolin tells the paper—and their No. 1 location is often not in Midtown. He says Buildings like 860 Washington in the Meatpacking District often win out over more expensive buildings further uptown. [NYP]