|NY Times Square|
The year is just beginning and we already have news about
the real estate industry. According to Jones Lang LaSalle, Microsoft has signed
a long term lease at 11 Times Square in New York
The 1.1 million square feet will be divided between office
and retail space. Just steps from Port Authority, the 40 story skyscraper was
completed in 2011 and already leased 70% of the space.
Meanwhile, in Greenwich village, the famous athletic apparel
and shoe manufacturer, Adidas, has taken 15,220sqft at 435 Hudson Street. They
will take the third floor and it will be used as a showroom and for marketing
purposes. The building is located only 2 blocks north of Houston St.
The news backs up Cushman and Wakefield’s office leasing
report of 2012. The report revealed that year-end, the asking rate had
increased 4% year to year and vacancy rate was 9,4%.
The Midtown South market consolidated having one of the
highest asking rate, while Downtown NY
had a small decrease of 0,7% compared to
Despite economic uncertainty, Manhattan continues to be the
ideal place for investors.
Labels: Adidas office lease, Lease in Times Square, New York Real Estate, Real Estate News