Inside story on what makes commercial market tick.A new landmark national survey from Black's Guide reveals insightful trends about New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's commercial real estate (CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element ) market: * Most popular amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. : WiFi See Wi-Fi. is the #1 building amenity currently being requested by New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. commercial tenants. * Biggest challenge to leasing: 'Creating product differentiation' and 'anticipation of a market bubble' were cited as the major challenges to leasing space in New York City. * Industry leasing most space: The banking and finance industry (72%) leases the most commercial space in New York City. The legal industry came in a strong second (56%), then healthcare (15%) and retail (15%). * Industry outlook: 90% of CRE professionals feel confident that business will be as good as or better in the next six months as in the last. * Space requirements: 57% said their average space requirement was between 5,000-20,000 s/f. Sixteen percent noted it was between 1,000-5,000 s/f; 22% cited 20,001-40,000 s/f. and 6% said above 40,001s/f * Deal value: 42% said their avg. leasing deal in 2005 was worth between $2 million-55 million. * Length of lease: The average term of in the commercial market is 5-10 years (74%). Nationwide, 3-5 years is the average range. |
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