Commercial real estate hasn't enjoyed the all-time-high demand seen in the residential real estate sector during the last few years. In fact, experts have been relatively subdued on the future of commercial real estate's prospects in NYC. Recently, however, CBS News reported that demand for CRE in the city appears to be increasing, despite initial projections.
What's Boosting NY Commercial Real Estate Demand?
Multiple factors play into the real estate rebound of commercial spaces. These days, the pandemic is largely under control with vaccines and important therapeutics that lessen the severity of COVID-19. This means employees can return to the office. While some businesses have opted for a hybrid approach to in-office work requirements, many workers have found they miss the company of their colleagues.
Another contributing factor boosting CRE demand is property versatility. Although employers are opting for less square footage, the building owners are converting the unused office space into residential units. When people move in, stores that cater to those residents are sure to follow.
How CRE Owners are Attracting New Tenants
The commercial property owners finding the most success in NYC right now are those who are investing in updates and luxury amenities. There's still a plentiful supply of office space rentals on the market, but quality matters. To combat the overabundance of available New York office space, owners are upping the ante with attractions that incentivize employees to return to the office.
The Future of NY Commercial Real Estate
As some New York CRE is transformed into residential property, office space demand will increase, allowing for a more competitive market. This, coupled with a return to normalcy on all real estate fronts, point to a strong recovery.
Hire a Commercial Real Estate Lawyer in New York
If you need legal solutions concerning your real estate portfolio in New York, you need to speak with a lawyer experienced in the complex NY real estate market. The dedicated lawyer at the office of Melvin Monachan, Attorney at Law, can help you through acquisition, transition, or foreclosure.
To learn how Mr. Monachan can help you, call (347) 389-1682, or contact us online today.