6 Things We Learned About The State Of The NY Real Estate Market At The Anchin Forum
Each year at the Anchin Construction & Development Forum, key professionals whose work substantially contributes to the real estate, design and construction landscape of the greater New York City area come together to discuss trends, issues, innovative solutions and other remarkable ideas.
Bisnow has compiled six ideas that show how industry leaders view the state of the New York real estate market.
1) Food Halls Are Helping Retailers Maximize Space
More developers are finding experimental ways to use retail space. Food halls are one way to offer lower-priced rents to many different tenants in the food space, instead of just one. Robert De Niro and Massimo Bottura, for example, are teaming up to bring an Italian food hall concept to the Bronx.
2) Retailers Are Reducing Street Space
Retailers are flexing their creative muscles by taking up less (expensive) street-level space and expanding their businesses on a lower or upper level. In addition to saving money, such a move leaves room for pedestrians and vehicular traffic/parking without sacrificing business expansion.
3) Future Growth Is A Big Factor In Office Planning
Office tenants are forward-looking when they rent space, and are looking for office space they can grow into as their companies develop. This way, fast-growing businesses can avoid the expenditure of having to move offices every year or two and instead build out their own space over time.
4) New Yorkers Aren't Moving To The Neighborhoods You Would Think
Migration from Midtown East to the West Side and Downtown Manhattan is happening at a record pace. The Financial District and neighborhood surrounding the World Trade Center are booming, transforming into hubs of commerce, shopping, dining and entertainment — rendering Downtown an especially magnetic attraction for young professionals and urbanites.
5) Office Space Is Evolving Away From The Traditional Cubicle
There has been a seismic shift in the way office tenants use space, with companies taking 30% less space than they have in previous years. New developers are focusing on creating more collaborative space and very few personal offices.
6) We Don't Approach Development The Same Way We Always Have
Developers are looking at buildings in a completely new way and taking tenants’ lifestyles into consideration in their designs. Community rooms, rooftop facilities, gyms and bicycle rooms are just a few amenities that are becoming standard in new buildings, and these community-focused conveniences are only becoming more popular.
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