Commercial Property:

The real estate and development in the greater New York City area is ongoing. Large construction projects, downtown revitalization and so much more are being worked on a daily basis. With such large companies in the area it’s no wonder that there are renovations, condominiums, retail centers, and office space to take advantage of in the area. Entrepreneurs seeking office space can truly find many choices in the area, but the cost can be quite steep. In a recent study of commercial property vacancies in the greater Manhattan area prices ranged from $5 a square foot for prime locations, to around 2.50 a square foot for some larger spaces. The area occasionally has bargain spaces, with some priced at around $1 a square foot, but they go fast, as the area is in high demand for commercial real estate rentals. We service all the local commercial property markets like: Battery Park, Chelsea, chinatown, Inwood, Little Italy, Downtown, Harlem, East Village, Financial district, Flatiron, Garment district, gramercy, Greenwich, Midtown, Murray Hill, Soho, Tribeca, Union Square, Upper West Side, Village. In addition to these smaller cities, we also offer commercial properties for rent in Boston, Providence, Hartford, Chicago, and DC. To educate yourself on the local office rental rates and other commercial real estate news check our articles.

Manhattan Population:

The city of Manhattan is one of the most populated locations in the United States and is one of the five major boroughs that make up the New York City area. The county of New York houses a great deal of people, and the portion of Manhattan is the third largest of the 5 boroughs that make up the New York City area. It has been estimated that the population of the area is 1.6 million people on a land area of around 22 square miles. Despite the density, the area has been noted to have the highest personal income per capita anywhere in the United States. It is a major center for business, finance, and so much more. It is also the center for the United Nations amongst other large-scale points of interest.

Economy / Jobs:

The economic picture of Manhattan is interesting, as it is diverse and heavily populated with white-collar employment options. The high rises, and local area is prime real estate for those looking to build business, and the population swells during the days, as many millions of people commute to the area to work. There are several large companies in the area with the top 25 Fortune 500 companies calling the greater New York area home. Some of the larger companies in the area include Citigroup, American International Group, Verizon Communications, Morgan Stanley, Merril Lynch, and many others. It’s safe to say that the area is full of offices, and areas of interest for those looking to gain a foothold in a career in financial matters. Despite a huge number of jobs in the area, the unemployment of Manhattan is at around 10% and has started to decline slightly as more and more options are being opened up for those in the area. The economy took a major hit in the United States in the latter quarters of 2009 and Manhattan was not immune, especially with so much focus on financial services in the area.

Manhattan has a subtropical climate and receives some extreme weather. In the winter it can snow upwards of 35 inches annually, and the summers can have high temperatures in the 90’s matched with 100% humidity in the middle of the summer months. The area receives a great deal of seasonal freezes as well, with many different seasons being harsh. There are four distinct seasons in the area, and it’s interesting to see.

NYC Real Estate:

The high density means the real estate market is quite high in the Manhattan area. With high demand for residential real estate it’s no wonder that many are shocked to see the median price of homes in the area at around $820000 to $950000 and upwards of 1.6 million dollars in past years. The area is one of the most expensive places to purchase real estate in, but on the other hand, investors will find the area worthwhile. As the residential housing market rebounds, so will the New York commercial property sector - we all have our fingers crossed. The mayor of New York City, in charge of the five boroughs is Michael Bloomberg and he has been the mayor since 2002. He has a long history of politics and has worked towards making the New York City area a better place to work, live, and learn. He was a republican and while he holds strict conservative policies, he has lobbied some liberal agendas. It’s interesting to note that he decided to leave the Republican Party in 2007 and is now an independent.