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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy