Best neighborhoods for business property in NYC
With the current situation being as it is, pandemic and all, more and more offices are closing down. People tend to work from home these days, after all. However, this presents a unique opportunity for savvy businesses to invest in cheaper-than-normal property. This is the perfect time to hire one of the commercial movers in NYC and relocate to a nicer office. The landlords around NYC are giving better terms, even free rents. But some neighborhoods are better than others. In this article, we will be taking a look at some of the best neighborhoods for business property in NYC, allowing you to make better-informed decisions.
The top 5 best neighborhoods for business property in NYC
To start things off, we are going to divide the opportunities into two categories. Office space for rent and investment opportunities. Depending on the needs of your business, you may choose to go with one over the other, or even combine them. Here are our top picks:
- Penn Station/Garment District
- Grand Central
- Upper East Side
There are numerous reasons why these neighborhoods were chosen. Either they present a unique opportunity or the recent developments made them more interesting for investors. Some of the best commercial movers in Manhattan have been working day and night to accommodate all the business that is coming their way. This situation might not be “once in a lifetime” but it is definitely quite lucrative for everyone involved. Let’s take a look at why that might be the case.
One of the Best neighborhoods for business property in NYC today – Penn Station/Garment District
If you are looking to invest in an office space, or rent one, the neighborhood around Penn Station is probably your best bet. This particular location offers an extraordinary connection to various public transport options, with the subway and bus routes that connect to the Penn Station. This area features numerous Class A and Class B offices, with even more development yet to come. Local movers in NYC are seeing an increased demand for this very neighborhood and you might want to get in “while the iron is hot”.
The most important factor that contributed to the area’s popularity is the Moynihan Train Hall that was finished in 2021. This development allows for as much as 50% more space for commuters and it is an indication of things to come. The Empire Station Complex is being built, which can add around 20 million square feet of commercial space, and the rebuilding of the Port Authority Bus Terminal will invigorate the area with new appeal.
Overall, the area is going to see harsher and harsher competition as the years go by. It might be prudent to invest now, while the circumstances are so favorable.
Another great neighborhood for office space, Grand Central, is slowly becoming a top destination for office businesses. The area is undergoing a major revamp, with several state-of-the-art developments in the works. The proximity to some of the most famous NYC landmarks, as well as the connectivity to public transportation, make this area one of the best in the city, as far as office space is concerned.
The main issue that Grand Central had is that most of the office buildings were quite outdated. But with the new One Vanderbilt tower, and the development of the “Project Commodore”, a replacement to the Grand Central Hyatt hotel, things are starting to look up. This grand tower will offer almost 2 million square feet of premium, Class A, office space, as well as public space, a hotel, and will even have expansive retail. You may want to start to compare commercial moving companies in NYC already, as they are going to be in high demand in the coming months and years. It can pay off to be prepared.
Best neighborhoods for business property in NYC – Investments
While Grand Central and Penn Station are undoubtedly some of the best neighborhoods for office space, businesses that are looking to invest in other property might want to look elsewhere.
Let’s take a look at what neighborhoods are most suited for it, starting with:
During the pandemic, Midtown got hit really hard. There are vacant offices and apartments all around the neighborhood, making it look like a ghost town of sorts. But in recent months, the activity is picking up due to some great concessions and lower rents across the board.
Currently, Midtown presents one of the last places in the city where you can actually get a good deal on business property. Until the workers get back to work in droves, this market remains as one of the greatest opportunities there is. The fact that the average discount in Midtown reached 16% speaks for itself.
Upper East Side
The Upper East Side is generally known as an expensive place to rent or buy property. However, with the recent events, rents are looking to go up while the property price has not changed all that much. This allows for a unique opportunity to buy today and rent today. Currently, there is a “yield imbalance” going on in the area, something that can be exploited.
One of the best neighborhoods for business property in NYC – Brooklyn
The last neighborhood on our list is also the most competitive one. The main draw is the sheer number of new leases being signed. As a buyer, it will be hard to get a great deal but it can pay off magnificently. Most of the luxury sales are going on in Northwest Brooklyn, with the median sales price of around $1,280,000.
Another area that is really interesting is Downtown Brooklyn. There are numerous new developments going on, which can boost the area’s desirability even further. The discounts are quite slim, though, as it is a very popular area. You can expect no more than a 4% discount in Downtown.
As far as best neighborhoods for business property in NYC go, it all depends on the exact nature of your business. These areas have the highest potential these days, but that can change in an instant. You will want to make your decisions fast and “ride the wave” as much as you can.