Google's Big Investment

The tech giant Google recently announced they are buying a massive office building on the Hudson River for $2.1 billion. This is not only one of the highest prices paid for a building in the United States in recent years, it has also given a boost to the New York real estate industry as a whole. This purchase comes approximately 18 months after Amazon's purchase of a Fifth Avenue building for $1.5 billion. The COVID-led surplus of office spaces and the downsizing of the office workforce has led to fears that workers will never come back to the city. Google is doing its part, expecting to have nearly 14,000 workers working downtown within the next few years.

How Tech Companies Have Expanded in New York City

Four companies are referred to as Big Tech: Apple, Amazon, Google, and Facebook. These four companies have expanded operations in New York City and helped relieve many office landlord fears of continued vacancies. ‘Big Tech' companies now account for over 22,000 Manhattan office workers. Facebook now has more than 2.2 million sq. feet of office space in Manhattan along with 4,000 employees. Even with this influx of employees, nearly 19% of Manhattan's office space remains available for rent. This is a continuing concern for New York real estate going forward.

What to Do If You're Looking to Purchase Commercial Real Estate

If you're looking to purchase commercial real estate, it can be very helpful to have an attorney's help. An attorney can help you assess your desired property and draft your purchase contract. If you have questions about the zoning of your property and what you can and can't do regarding business, then an attorney's advice can be invaluable. If you are facing eviction, foreclosure, or have other real estate questions, then call us so we can help!

Get Professional Assistance

To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.