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Home > Office Locations > New York - JRT Realty Group, Inc.
780 Third AvenueNew York, NY 10017
Founder and President
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Office MarketBeat is a brief summary of the Office sector in key cities, providing comment on recent trends as well as market data and analysis of the impact on commercial real estate.
Retail MarketBeat is a brief summary of the Retail sector in key cities, providing comment on recent trends as well as market data and analysis of the impact on commercial real estate.
• Urban renewal often follows the same path as neighborhoods move from blighted to edgy to cool to upscale. In Brooklyn, this process is on steroids as the path of retail redevelopment continues to seek out new neighborhoods.
• The once blighted Williamsburg submarket has become one of the most sought after retail districts in the nation. Median asking rents here are now averaging $250 per square foot with space on the trendy Bedford Avenue corridor averaging $350 per square foot.
• While independents and alternative retailers began the revolution, Brooklyn is now in high demand for national credit chains; large concepts and big boxes are driving a number of redevelopment projects in the borough.
• “Brooklyn Style” is a real thing; both medium-sum and high-dollar private equity investors are on the lookout for funky, fresh retail concepts that they can take national.
A mixture of strong economic growth domestically coupled with geopolitical turbulence
abroad created a supportive economic environment for the New York City investment
sales market, leading to a record number of properties sold in 2014.
The New York City economy entered 2014 on a high note as employment growth and the total number of jobs hit record levels in 2013. However, in the key office using sectors, 2013 was a disappointment as employment barely grew. We look for a better performance in 2014 with healthier growth in office-using employment pushing vacancy rates lower in the Manhattan office market.