Recent research revealed that the property industry has been flourishing in recent years in New York and other parts of the United States. In a sense, it is reflecting the condition of the current economy as a whole. Based on this, now may be a wise time for people to consider investing in commercial real estate if they have not done so already.
New York investors with experience in the residential property industry might want to quickly make the switch to the nonresidential side of the industry. The reason for this is that buying commercial real estate offers several advantages over purchasing residential properties. Here is a look at how commercial real estate differs from residential real estate and the unique perks that come with it.
Investors throughout the United States, including New York, are increasingly searching for authentic and unique offices in buildings that are older. After all, these commercial real estate properties have architectural character. However, the challenge with these buildings is that incorporating cutting-edge technology into them can present a challenge.
Technology is impacting how professionals in a variety of industries in New York operate nowadays, including those who own and lease nonresidential property. In the commercial real estate world, the specific type of technology that is starting to gain ground is called proptech. Here is a glimpse at what proptech is and its potentially far-reaching impacts in the future.
Individuals in New York usually view investing in residences as the same as investing in business properties. In reality, these two types of investing are very different. Here is a glimpse at what makes residential real estate and commercial real estate investing so different in New York and elsewhere.
The property industry across the country, including in New York, is going through constant change as a result of various factors. Some of the changes taking place are presenting challenges to today's commercial real estate investors, whereas others are presenting opportunities. Here is a peek at what some of these changes are and how they might affect investors in the Empire State.
Recent research indicates that a growing number of foreign investors are interested in buying non-residential properties in the United States, including in New York. According to a study, about 20 percent of real estate agents who facilitate commercial real estate transactions closed sales with international clients last year. Furthermore, more than a third of them have seen an upswing in the quantity of foreign investors knocking on their doors.
The process of selling a business property is not always straightforward. Unfortunately, common selling mistakes may make it impossible for a seller to unload his or her commercial real estate property. Here are a couple of mistakes to avoid when selling a piece of property in New York.
The fluctuations that have taken place in cryptocurrency have understandably made some investors and real estate professionals nervous. However, many real estate brokers in New York and elsewhere have reason to think that cryptocurrencies will drastically change the commercial real estate market. In fact, the changes could come as soon as five to 10 years from now.
New York University recently completed a commercial property deal for extra space at a popular Downtown Brooklyn center. The commercial real estate transaction involves a space that spans 26,000 square feet. As a result of the deal, the university will end up occupying the majority of the building's 22nd floor.