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Expected developments in New York office space market
New York City is one of the most vibrant places in the whole US as some of the world renowned companies have their office setup there. The real estate market is booming as more and more businesses are moving into the city in search of plush office facility for day to day operations. Finding a New York office space has become a hassle free affair due to the presence of property search companies and real estate agents.
They have got a proper update about the vacant spaces that are available for possession in the real estate market. The formation of new companies every now and then has increased the demand for an NY office space. More number of companies means that an additional space is required in order to accommodate the rising number of employees. The emergence of various industries post the recession phase has increased the employment opportunities. Eventually the need for furnished office space has increased as having a physical address is an important factor. This establishes the credibility of an organization as it has got an office area from where the business operations can be undertaken.
In the current scenario, as per the experts there will be a definite shortage when it comes to Class B and C office space in the New York City area by 2018. So, basically the requirements will be more then. Real estate developers are well aware of such things and due to these reasons more and more commercial buildings are coming up. Some of the older buildings from the pre-war period are being renovated into plush office facilities and hence the New York City office space is seeing a very big change. Majority of the companies demand for the best interior designs so that they can create a good impression on the minds of prospective clients and employees.
Understanding the demand for such spaces, developers are trying their best to create facilities which offer a great ambience along with the best in class facilities. By the year 2018 the demand is definitely going to be more than the supply. As per another statistics, by the year 2025 tenants are going to demand for 227.3 million square feet of space in the B and C category. One of the prime reasons for this is that many developers are converting the available buildings into apartments and high-end condominiums.
It has been seen that there has been a decline in office space in Manhattan area as the result of developers purchasing B and C office properties and converting them to other uses. So, one can clearly see that there is going to be a definite increase in the need for commercial space in the coming years.
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