Manhattan Flex Office Space Growth Explodes, 15 Million Square Feet Added in Last 5 Years

CBRE | September 16, 2019

Manhattan Flex Office Space Growth Explodes, 15 Million Square Feet Added in Last 5 Years
According to a new report from CBRE, the flexible office space footprint in Manhattan has tripled to 15 million square feet over the last five years as providers offerings have evolved, new players entered the market and new flexible space models have arisen. Manhattan is the largest U.S. flex office market by far, with nearly three times the inventory of Los Angeles, which placed second. Manhattan is also the second-most-penetrated market in the nation, with flexible space accounting for 3.6 percent of total office inventory, trailing only tech-centric San Francisco at 4 percent and far surpassing the national average of 1.8 percent. CBRE indicates that the 10 largest flex markets will continue to increase their flex-office penetration faster than other markets, after growing by 70 percent since 2017, compared to 43 percent in other markets.

Spotlight

Let’s say you’re a real estate investor who doesn’t like to buy properties with basements. One day, you get a lead on an investment property from a seller who says the property is built on a slab foundation.

Related News

REAL ESTATE TECHNOLOGY

Altavation Offers On-Demand Drone Imaging for Real Estate In the United States

Altavation | April 20, 2021

Altavation is a leading aerial photography company in the United States, with collaborations with several of the country's top real estate firms. Drone photography captures stunning landscape views, memorable indoor images, and highlights the most spectacular exterior features of the residence. Altavation is the marketing technique that real estate brokers are aiming for to increase revenue and boost the online experience of their clients. Altavation is available across the country, real estate agents can conveniently order this service from their online website. Altavation is both affordable and easily accessible, with premiums beginning at just $9.50 and a media return rate of 72 hours at the most. Drone photography not only promises elegance and unparalleled value, but it also outperforms all other forms of competition. Altavation utilizes fully FAA-licensed and insured pilots who adhere to all regulatory standards while flying while also providing the highest quality aerial media. The services provided by Altavation are incomparable to traditional photography and videography services. Drone imaging is a "game-changer" that would transform the future of competition in the national real estate market.

Read More

HashCash Consultants Offering Highly Advanced Blockchain-Based White Label Real Estate Exchange Software to Property Firm in Singapore

HashCash Consultants | August 21, 2020

As real estate tokenization and trade gains momentum across the globe, HashCash has been intensifying its activities in the domain with new ventures. The leading blockchain and crypto development company is providing its white label real estate exchange software to a real estate firm based in UAE. It will help with the deployment of a new real estate exchange for the firm, allowing them to execute property tokenization and trade activities.

Read More

REAL ESTATE INVESTMENT

Bell Partners Acquires Dallas Multifamily Community

Bell Partners | December 21, 2021

Bell Partners Inc., one of the nation's leading apartment investment and management companies, today announced it has acquired Routh Street Flats, a 208-unit apartment community located in Dallas, Texas. The property, to be renamed Bell Katy Trail, was acquired on behalf of a separate account venture between Bell Partners and HANSAINVEST Real Assets GmbH, a leading institutional investment firm based in Hamburg, Germany. Located in the heart of Uptown Dallas, Bell Katy Trail offers residents access to dining, entertainment, shopping, and recreation opportunities. Bell Katy Trail is minutes from the West Village, a premier shopping and dining center, putting residents within walking distance of grocery and retail needs. The property is also near popular cultural and recreation spots, including the Arts District, Katy Trail and the Turtle Creek Greenbelt. Bell Katy Trail is also a short walk from the McKinney Avenue Trolley, connecting the property to a range of destinations in the city. Completed in 2015, Bell Katy Trail features a mix of studio, one- and two-bedroom units. Common area amenities include a rooftop terrace with a fire pit and views of the city, an infinity saltwater pool and a fitness center. Apartment interiors include granite surfaces, stainless appliances and full-size washers and dryers. As apartment residents increasingly seek well-located housing offering convenient, walkable access to employment, retail and cultural offerings, the acquisition of Bell Katy Trail reflects Bell Partners' targeted investment in urban submarkets like Uptown, With approximately 70,000 units currently under management, including over 7,700 units in Dallas, we will leverage our local experience and extensive operating platform to maximize performance." Nickolay Bochilo, EVP of Investments at Bell Partners. Bell Katy Trail follows the company's acquisition in August of Bell CityLine, a 435-unit community located in the Dallas suburb of Richardson. In June, Bell Partners acquired Lenox Springs and Lenox Meadows in Austin, merging operations with an existing Bell property, Bell Southpark, to form a combined 949-unit multifamily community. The company has completed $4.8 billion in transactions in 2021 and is actively investing in 14 target U.S. markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast. About Bell Partners Inc. Established in 1976, Bell Partners Inc. ("Bell Partners" or the "Company") is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily rental communities throughout the United States. With approximately 70,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,600 associates and ten offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $22 billion of apartment transactions since 2002. About HANSAINVEST Real Assets HANSAINVEST Real Assets GmbH stands for long-term experience and sustainable investments in the real estate and infrastructure sector. In total, more than 90 employees manage assets of over EUR 6.6 billion. In the real estate segment, the internationally positioned experts manage office, retail, hotel, logistics and residential properties in 19 countries. In addition to portfolio management, the areas of acquisitions and sales, asset management and project development are also covered. In the infrastructure segment, the international portfolio of infrastructure investments is managed with a volume of more than EUR 1.1 billion. Other services include the acquisition of assets and continuous portfolio management.

Read More

Spotlight

Let’s say you’re a real estate investor who doesn’t like to buy properties with basements. One day, you get a lead on an investment property from a seller who says the property is built on a slab foundation.