Barneys New York is Moving...
Foreign money is pouring into New York City at an unprecedented rate thanks to the incredible value and stability offered. And it’s driving trophy property valuations sky high, I noted in December 2014. Now that commercial real estate prices have rocketed in Manhattan, investors are on the hunt for bigger, better, and less expensive office space in Long Island City, witnessing a boom of pent-up demand for rising office rents. With two million square feet of Class-A office space, 23 hotels and many residential units planned, the opportunity for growth in Long Island City alone could be incredible.
The reason I bring this older article up is because Barneys New York just moved part of its operations to Long Island City. The department store chain, reports The Real Deal, just signed a 10,000 sq. ft. manufacturing space and office lease. “The move further highlights the emergence of the outer boroughs as an office destination amid changing tenant demands and rising rents in Manhattan. Last year, Vice Media signed a 70,000-square foot lease in Williamsburg, while e-commerce firm Etsy committed to 169,000 square feet in Dumbo.”
“Long Island City, mostly known for its sprouting residential developments, also has a thriving office market, including the tallest office building of the outer boroughs at One Court Square.”
It’s a trend well worth paying attention to.