Office Market Conditions In New York
The most populous city in the nation, New York City is often known as a cultural, manufacturing, financial and transportation hub. The city is often referred to as the City of New York City or New York City to tell the difference from the state of New York, which it is a part of. It is located on a large natural harbor on the Atlantic coast, the city consists of five boroughs: The Bronx, Brooklyn, Manhattan, Queens, and Staten Island.
New York is a leading global city that has an extremely powerful influence over global commerce, finance, media, culture, art, fashion, research, education, and entertainment. As host of the United Nations Headquarters, it is also an important center for international affairs.
The city is a major hub for finance, insurance, real estate, media and the arts in the United States. Creative industries like new media, advertising, design, fashion, and architecture make up a growing share of employment, with New York City controlling a strong competitive advantage in these industries. High-tech industries like biotechnology, software development, game design, and internet services are also growing, bolstered by the city’s location. Other important sectors include medical research and technology.
New York City is a nucleus for finance, insurance, real estate, media and the arts in the United States. Creative industries such as new media, advertising, fashion, design and architecture account for a growing share of employment, with New York City having such a strong advantage in these industries. High-tech industries like biotechnology, software development, game design, and internet services are also growing, boosted by the city’s location near several transatlantic fiber optic trunk lines. Other important industries include medical research and technology, and universities.
One of the last office space markets in the country to feel the effects of the national economic slowdown and a number of indicators already point to the market’s quick rebound. Although vacancy has increased slightly, the New York City office space market did not experience the same frenzied volume of new construction seen in other big markets around the country, even at the top of the market. Because of this, New York City is in a better state with lower availabilities than many of its counterparts.