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Changing office space trends in New York City
The real estate markets of New York are witnessing new trends when it comes to commercial as well as residential space. Apart from the rising real estate costs the city is seeing a lot of changes on the part of real estate developments. The demand for luxury condominiums and commercial properties is also increasing. More and more people are moving into the city looking for high-end apartments. Businesses whether big or small, are in search of office space in New York City area for undertaking their operations in some of the most upscale locations.
The commercial spaces provide all the required facilities like proper power backup, better administration, and security round the clock. Majority of the real estate developers are constructing office spaces which have got a shared environment. Organizations after moving into these spaces need not worry about the administration work as it will be commonly managed. Even bigger organizations are opting for office properties on rent. They are entering into long term lease agreements and moving into huge facilities in some of the most posh locations of the city.
One of the new trends that you can see in the real estate sector is that the developers are renovating some of the very old office buildings into luxury condominiums. Owning an apartment in one of the most upscale locations is a dream for many and developers are making this into realty, by modifying some of the office spaces. Real estate developers have started identifying office buildings that have been owned by companies for many years. Some of the non-governmental organizations and many old companies are selling of office space and moving into more plush office facilities in tune with the current requirements. There is no need of keeping additional space which is not in use.
They find it profitable to sell off the property as the real estate costs are very high and this way such companies can have better returns. One such example wherein an old office building is being converted into a high-end condominium is the East Ohio Gas building. This 21-storey Downtown building is being converted into a posh residential space which is aimed at targeting the luxury seeking audience. This tower during its prime used to house some of the biggest companies. Now it is being renovated by the developers so that they can be sold to investors interested in buying residential properties in the New York City. As per plans the project will probably be completed during the summer months and it will be up for sale.
Similarly, some of the older office buildings are also being given uplift and are being converted into plush offices with the most modern designs and added facilities. So, there is a rising demand for office space in Wall Street, Chelsea, Downtown and many other prominent areas of the city.
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