August 11th, 2016
New York City’s Central Business District is the largest of its kind in the United States and is one of the worlds most prosperous and resilient business hubs. Although there are several designated business districts in New York, the city’s primary CBD refers to the area comprised of Midtown and downtown Manhattan.
The area has been an influential economic and financial center since the 19th century, mainly thanks to the presence of the New York Stock Exchange and other important financial institutions. Over the years, the CBD grew in size, population, and in the diversity of its industrial and commercial base. Nowadays, New York’s CBD is home to approximately 1.6 million residents and is visited by up to 4 million people every day, including tourists, commuters, and residents. According to the city’s Chamber of Commerce, the CBD is home to more than 310,000 registered businesses.
The CBD is well connected to the rest of the city via mass transit, as the area is served by 14 subway lines and more than 30 bus lines, which provide 24/7 access to the business heart of New York. The Staten Island ferry terminal is also located within the CBD’s boundaries. Connections with nearby urban centers (such as New Jersey) are readily available via frequent PATH trains. The nearest airport is New York – LaGuardia, which is approximately 10 miles east of Times Square and 12 miles away from Wall Street.
Key industries and employers
According to statistical data published in a recent Demographia report, New York’s CBD employs more than 22 per cent of the city’s workforce (nearly 2 million people). This is by far the largest share of employment of all CBDs in the United States. The CBD also ranks first in terms of the number of Fortune 500 companies, as there are more than 50 such corporations in New York’s CBD. Read the rest of this entry »
February 17th, 2016
An in depth look at how the Manhattan office space market has fared in 2015 and forecasts for this coming year.
Manhattan Office Market Overview of 2015
Over the past 12 months, federal economic policy has been focusing on expansion, driving an increase in employment rates, especially as far as office-based employment is concerned. This type of employment grew by 2.6 per cent in just 1 year, and prompted a considerable increase in demand led by occupiers in the Manhattan financial services sector. In certain Manhattan sub-markets (such as in Midtown South), strong demand from tenants in the TAMI sector (technology, advertising, media, and information) was also evident.
At the end of 2015, total office stock in Manhattan was just under 395 million square feet, of which 28 million were vacant. Total transaction volume amounted to more than 28 million square feet, one of the highest figures of the past 10 years. However, there was a slight decline in transaction volumes in downtown Manhattan, where transactions mostly involved small and medium-sized office properties.
Manhattan Office Market: Key Facts & Figures
During 2015, office vacancy rates in Manhattan went down from 9.3 per cent to 8.5 per cent. This decrease equals to 90 basis points on a year-on-year basis, and brings vacancy rates closer to Manhattan’s historical average of 8.9 per cent. In Midtown South, vacancy rates were markedly lower at 6.2 per cent, whereas in downtown Manhattan they went down by 30 basis points to 9.4 per cent. Read the rest of this entry »
May 18th, 2012
The east coast is well known for its many opportunities to get a quality business education. Most of the most popular business schools in the United States are found on the east coast, with most reports of the top ten business schools in the United States containing between 6 and 7 east coast schools. The age of the schools on the east coast give them a very impressive history, with many of them being founded while the British still controlled the colonies. Read the rest of this entry »
March 1st, 2012
When it comes to eco-friendly residential buildings, New Yorks‘ Battery Park City stands out as a leader in the green building movement.
The very first LEED-certified residential eco-friendly building built in the US was the Solaire, in 2003. This was followed by the Verdesian in 2006 and the Visionaire in 2008, all three were built in Battery Park City and consume thirty five percent less energy and fifty percent less water than your average residential buildings.
A large portion of the BPC eco-friendly buildings electricity supplies are generated by solar panels and include energy efficient appliances. Water is purified and reused and each room is equipped with motion sensors which activate heating, lighting, ventilation and air cons.
February 27th, 2012
If your drive to work consists of dodging around potholes then you’ll be pleased to hear that the NY Department of Transportation is taking full advantage of the mild winter to get some much needed road repairs taken care of.
Using specially designed Pothole Killer vehicles, Patch Management has been contracted to fill in the thousands of potholes that plauge New York’s drivers. Repairs are already underway in Long Island’s Nassau and Suffolk Counties with more teams due to be dispatched throughout the state over the coming weeks and months.
The innovative Pothole Killer system only requires one operator and is much faster, safer and more environmentally friendly than the traditional method of using crews to combat the dreaded holes. Requiring less than two minutes per pothole, the road is then ready for traffic again – no mess, no fuss, no waiting.
And New York isn’t the only state benefiting from this time and cost saving technology. Patch Management has used their Pothole Killers to repair roads in DC, Pennsylvania, New Orleans and Chicago.
Do you know of a pothole that could use some technologically advanced attention? Call the hotline on 1-800-Pothole or email Patch Management.