OFFICE MARKET STUDY
• Local business climate: characteristics of the economic base (i.e./ detailed employment estimates and projections) o Which industries dominate the local economy? o Are they expanding and, of so, what are their needs? o Are new types of businesses entering the area and what are their needs? o Which locations are best suited for particular business activities? o Will losers find the labor force they need? Second-tier tenants?
Project statement and definition
This report is to investigate whether demand is sufficient to absorb growth in the office space of midtown Manhattan. In the past decade, the midtown Manhattan became increasingly popular to a variety of companies after the revitalization of the Broadway and the 911. While Lower Manhattan is the main financial center, Midtown is the country 's largest commercial, entertainment and media center. Midtown Manhattan is now a growing center of finance, second in importance within the United States only to Lower Manhattan 's Financial District.
The proposed outline and logic of this report are as follows: firstly, the key influencing factors of demand will be identified. The region’s overall economic condition, office employment trends and net absorption are going to be considered. Secondly, various analytical strategies would be applied to further investigate the mechanism of the market. Then quantitative methods such as multiple linear regression would be drawn on to assess the effect of the
Real estate occupancy costs represented about 4% of Staton’s cost structure. With a central location in the southwest United States and excellent thoroughfare systems, Dallas had become a major distribution hub for the flow of goods to the customer. The city’s demographics and legal/regulatory frameworks made it an attractive market for corporations needing industrial space.
Gentrification is a major reason for the increase in rent prices throughout New York City. Harlem rent prices have gone up over the past years because of new condominiums and businesses that are being built in neighborhoods. The displacement of residents leads to an increase of people becoming homeless in the city. According to the author, Ivan Pereira, “Harlem saw a 9.4 % average rent price increase during that same period from $2,191 last year to $ 2,397 in January” (Pereira 1). The change causes longtime residents to move out because of a variety of factors including unaffordability, pressure from property owners, diminishing or lack of stores that cater to them and many more. The more condominiums and business’s being built makes living
This week’s assignment examined the effects of supply and demand on the pricing and availability of real world goods. In this instance, the simulation looked at pricing and availability of two bedroom apartments in the fictional city of Atlantis. The simulation takes a look at several different situations, outside market factors and governmental influence. By going through the simulation and adjusting the pricing levels of the apartments and the number that are being made available to be rented, the simulation shows the effects of things like new employers moving into the area, rent control laws being put into effect and the
Goodlife Management is the sole provider of apartments available for rent in the city of Atlantis in which the supply and demand simulation provided by UPOX takes place. The simulation provides excellent, real-life examples of how the supply and demand curves may shift based upon various factors that occur within the market in Atlantis. The following details such examples as microeconomics versus macroeconomics, equilibrium pricing, and what drives the elasticity of the market price of the two-bedroom apartments that are available for rent in Atlantis.
Atlantis is a nice neighborhood with services consumers look for. A two-bedroom apartment in Atlantis is presented to show the effects of supply and demand. I am the property manager
The Meatpacking District in Manhattan may be getting some competition: the Mini-Meatpacking District. In a neighborhood that has been not-so-slowly gaining developer interest for some time, Harlem, known for Columbia University and the golden age of jazz, is experiencing the beginning stages of a neo-revitalization of sorts.Though the subdivision of West Harlem has been straddled with the diminutive moniker of “mini”, the emergence of boutiques, trendy restaurants will inevitably cast aside the name. New York’s tax exemption perks to stimulate the district’s development has been the impetus for the influx of an increasing number of working professionals and Columbia University students into the area.
The decision variable for the test carried out on the attributes measured revealed that the best combination of variables would be one characterized by building size and lot size for maximum number of customers. The building size having a value of 12.74 units with customer lot size at 1.7 units.
Summary: In this article, Timberlake and Johns-Wolfe discuss how areas of the metropolitan areas that have the possibility to gentrify typically gentrify over the course of time specifically those close to the central business districts. The authors present a series of theoretical backgrounds about the topic before presenting their 3 hypotheses, methods and data focusing primarily on Chicago and New York metropolitan areas. The authors then discuss the findings within this data discussing several variables including the spatial location studied. The authors then conclude
When the Native American tribe sold the island of Manhattan to Peter Minuit of the Dutch West India for some beads and wampum whose equivalent value was less than $30 today, they would not have had imagined that Manhattan became one of the hottest land on earth, from a real estate market standpoint and other kinds of development standpoints as well. Lower Manhattan, also known as downtown Manhattan, encompasses not only the famous financial district that has long been in people’s sweetest dream or darkest nightmare, but also the artsy SoHo, Battery Park City, and one of the first public-private development project—Stuyvesant Town. The rise of the real estate market could be accounted for by a wealth of factors, including population growth,
Everywhere throughout the nation, the cycle of gentrification is dislodging lower wage inhabitants. In most New York urban communities, the domination of the data age have altered conventional structures of urban life. Gentrification is characterized by the updating of once turmoiled urban neighborhoods by wealthy individuals who purchase and redesign the properties, in this manner removing the inhabitant poor. With most low to middle class employments transported abroad or lost to mechanization, proficient professional occupations and low paid administration occupations with few profits are taking their spot. The removal of low income citizens has a dramatic effect on the encomic balance in New York City between low wages, and poor living conditions.
The way we work has change very drastic. Instead of working in a cubical most day, we have the chance to work at home and do work online, or even to be in a foreign countries and still be able to work miles away. In the article How to Scope Out an Office That Fits Your Values, the environment that you work is very important. The accuracy of what they are saying surprise me. Because the environment that you work on does have an effect on your work productivity. Even at home you have your environment that you work on and if something changes it affects how focus you are on your school work. Meaning that we need to look for a work environment that we can feel productive in. Like the author said “If you see bunk beds, run”, while having beds in
In “The Other Tech Bubble” the University of Washington professor Margaret O’Mara discusses that an increasing number of tech companies migrate from suburbs to downtown areas with the development of technology. In addition, O’Mara states that some companies would like to choose the urban district as their headquarters in today’s world. Moreover, O’Mara specifically describes the drawbacks and benefits for tech companies choose the urban areas as their headquarters.
Bonner, A. (2009). Forecasting models for the german office market. Published dissertation, School of Business Administration, Economics Law & Social Science, University of St. Gallen, St. Gallen, Switzerland. Retrieved January 16, 2011 from
In order to understand how to meet the increased demand, research was conducted to unveil the problematic issues the
The industry caters to both the public and private sectors. The type of construction can broadly be classified into three categories; residential, commercial and engineering construction. The demand and supply for these activities is driven by a number of factors such as population growth, changes to interest rates, inflation, income, government policies, availability of