Bisnow’s Office Leasing Development & Investment Series featured a multitude of high-level industry professionals who are experts in their fields. Complete with panelists from different types of real estate companies, here are the key takeaways from their predications for the future of real estate in New York:
- The value of buildings and land will continue to go up, as well as rents.
- Foreign capital will not waver. What many dub the best city in the world in which to invest, New York City will continue to receive foreign capital from all over the globe.
- The density of the city will continue to increase but will, for the most part, occur in boroughs other than Manhattan. This includes the Bronx, Queens, Brooklyn, Staten Island and Jersey City, where land prices have already started to rise.
- Amenities and vast offerings for tenants have become and will continue to be the new normal. Developers say creative space, which they started building for hip, young tech companies is taking over a large portion of buildings where you now see legacy tenants like law and accounting firms. Priorities for all tenants have shifted. Struggling to compete for top talent, traditional companies are recruiting up against companies like Google, so they’re focused on wellness and looking for amenities that attract in-demand employees.
- Building owners will create specific environments for their tenants. One panelist said, “We’re not renting space, we’re renting environments.” Think about a traditional Marriott hotel versus a boutique hotel and which feels more personal. It’s about making environments interesting and appealing to a modern workforce.
Which trends do you think will drive the future of real estate? Let us know on Twitter!