Are you considering investing in commercial real estate spaces? After the pandemic, there have been many changes in the real estate industry. With the commercial real estate market being worth $21 trillion, it is important to stay on top of new trends in the market.
Luxury retail is one of the areas where commercial real estate is growing in New York. In 2023 some of the biggest luxury brands acquired new retail spaces in Manhattan, taking up some of the vacant spaces that were left after the pandemic. While there are still many vacant offices, this does not mean landlords have to give up their investments.
Many landlords are considering converting empty office spaces into residential, or even retail spaces like those bought by Gucci and Hermes. With the housing shortage, there could be a large benefit in transforming vacant spaces into homes to be rented. Demand for industrial space may also continue due to supply-demand imbalances and low land supply. Overall, if your office spaces are empty, you can consider converting your commercial space into something brand new.
Still, there are businesses who are looking to come back to the office after the pandemic. Those who are looking for spaces are now more likely to rent somewhere that has large windows, open spaces, and is large enough to aid in business wide collaboration. Providing a space that meets those requirements can be a great investment as the market continues to recover from the pandemic.
The real estate market was one of the many aspects of our economy that was affected by the COVID-19 pandemic. As the market changes in the new and coming years, it is important to stay caught up on all market trends in order to make the most out of your investments. To learn more about commercial real estate in Orange County, New York and metro NYC areas, take a look at the infographic below: