Understanding the local real estate market to drive economic development strategic planning.
The New York City economy experienced significant evolution as a result of both structural changes and the specific efforts of the Bloomberg Administration to diversify New York City’s economy during the first 10-15 years of the century. As a result of this evolution, NYCEDC was tasked by Mayor Bloomberg to conduct a study on the state of the commercial real estate office market for New York City. At the time, small startup companies were being priced out of the market due to the lack of class B and class C office space in the market.
Hayat Brown Role:
Hayat Brown team members performed an economic analysis to identify new industries, such as high-tech and other high-growth sectors for developers and owners to target for increased occupancy. With growth industries identified, we assessed the availability of the commercial office space that high-tech and other high-growth sectors require and analyzed local and national space utilization trends. To understand nuances of the local market, our team surveyed over 30 New York City real estate industry participants. As a final analytical stage, we used market data to create a forecasting model, which projected New York City office space supply and demand between 2013 and 2025.