Commercial Real Estate in NYC
Guide to Commercial Real Estate in NYC
If you have ever been to the New York City area, you will know that it is teeming with activity and excitement. There is so much opportunity for investment here because it is a major commercial and economic center for the entire world. You may be curious about investing in some commercial real estate in NYC and the surrounding area. There are some truly incredibly opportunities out there for growth, so this really may be an option worth considering. If you want to invest in the market though, you will need to do some preliminary research ahead of time. This guide will help you determine whether you are truly ready to start investing in this market.
One of the best reasons to consider investing in the New York City area is that there will always be potential for growth. The city has continued to grow for centuries, and it doesn’t show any signs of stopping soon. You may not see explosive growth in population like you would in other areas of the country. But you can always bet that home prices in the New York City area will remain considerably high throughout almost any kind ofrecessionary period. Even during the housing decline a few years back, properties in many boroughs of New York City remained relatively high. This is especially true when they are compared to how housing prices fell in areas such as Florida, Arizona and Nevada. Even today, the median housing price for a home in New York City area is around $1.2 million.
Because there is so much stable growth going on, many of the real estate areas can produce sustainable investments. Many investors these days are looking to find these consistent growth patterns in the investments they make. If you want to buy up some local real estate, you may not see dramatic growth patterns like you would in other areas of the country. However, it will provide a consistent source of income for many years down the road. There is also an incredibly diverse amount of different properties that you can buy. You may prefer to invest in townhouses and condominiums, many of which have been recently constructed in the New York City area. There is also ample opportunity to buy up some homes around the town, particularly in the outer suburbs.
Be aware that there are some negatives associated with investing in Commercial Real Estate in NYC. You will need a substantial amount of starting capital to begin buying up property around the city. The price per square foot was recently estimated to be at around $1345. This means that even the smallest apartments will have a hefty price tag behind them. You will need to carefully weigh your options when you choose a New York City real estate option, since you will have to invest a lot more of your money for just one piece of property. There is also currently a rapid growth in the price tag of these places, with the average cost per property rising 6.8% over the last year.
Finally, be sure to keep an eye out for different areas of the city that are improving their image. Several real estate sectors are undergoing gentrification, which is bringing in investors who are interested in improving some areas with urban blight. Keep tabs on urban renewal projects going on around the city, since these may provide some opportunities for investment in Commercial Real Estate in NYC.