Manhattan’s Class B office buildings find a new fanbase

Hunting for office space before the pandemic, executives at ad agency Wellcom Worldwide were dismayed to encounter asking rents of $90 per square foot a year in Manhattan, which wound up being a deal-breaker. The company landed in far-cheaper Dumbo instead.But now, with Manhattan prices still below pre-Covid levels at many addresses, the same executives recently calculated that breaking their Brooklyn lease at 175 Pearl St. and venturing across the East River made financial sense.“It’s a different world in Manhattan now,” said David Bridges, the global CEO of the company. Earlier this year Wellcom relocated to an older, unfussy site with limited bells and whistles and a blend-into-the-background feel: the Class B commercial building 16 Madison Square West. The rent at the property near Madison Square Park was not only about half what Bridges was seeing pre-Covid but even slightly lower than what his firm was paying in Dumbo. “A major correction has occurred,” he added.Wellcom is not alone. Legal industry-focused software startups, music talent agencies, coffee-machine vendors and other tenants that have been based in the outer boroughs for years are now noticing that Class B’s, differentiated from Class A properties because they’re not as new or as amenitized, are priced right, a major factor in their decision to move to Manhattan, according to brokers, landlords and company executives.Indeed, a small but steady stream of midsize firms is packing up and relocating to... Continue reading at 'Crains New York'

[ Crains New York | 2024-11-25 10:48:24 UTC ]
News tagged with: #planning officials #unfussy structures #37th st #39th st #100% full #$144 million #real winners #startup mode #businesses scale #major owner #availability rate #recent fans #toured felt #empty offices #bounce back #printing press

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[ The Bookseller | 2013-03-21 00:00:00 UTC ]
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Fairfax Implements ‘Real-Time’ Working at its Sydney Morning Herald and The Age Offices

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[ Editor & Publisher | 2013-03-20 00:00:00 UTC ]
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Can Brazil Build 39 Libraries Per Day Until 2020?

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Find Cost Efficiency Adapting Printing To Today's Realities: Digital Printing in 2012

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