NEW YORK CITY-A combination of factors, including high rents in other areas of the city, has initiated a surge in leasing activity in the Garment District.
Commercial brokers say that recent sales and upgrades of office properties have made the district more attractive. In addition, more affordable rents are prompting an influx of tenants from non-traditional fashion industries, according to the New York Times.
The average asking rent is $47.39 a square foot in the Garment District, compared with $59.03 in Park Avenue South, $69.82 in Midtown and $64 in Midtown South, according to CBRE. The availability rate in the district now stands at 11%.
Mitchell L. Konsker, vice chairman of Jones Lang LaSalle, says another perk for the district is that many buildings offer loft-style spaces with high ceilings and concrete floors. Those spaces appeal to tenants who “don't want to be in just a glass box,” adds Jonathan Bowles, executive director of the Center for an Urban Future, a research group. “Some really want a building with character,” he said. See story in the New York Times.
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