The commercial real estate market holds significant importance in society as it provides individuals with the opportunity to own property. Investors are aware of the strength of commercial real estate beyond office space, as there are various property types.
In New York, there was a 50% increase in Colliers Manhattan office leasing compared to the same period in 2021, with a lease of 16.34 million square feet. Let’s explore the other statistics about commercial real estate.
Due to the increase in square footage, luxury retail grew in Manhattan. Retail is a type of commercial real estate that is very popular. The top fashion companies, such as Givenchy, Hermés, and Gucci, have obtained new retail spaces.
There are many advantages to commercial real estate such as buying property and retail stores, but there are also disadvantages. The interest rate has been rising since December 2022 by seven percent. If you decide to invest in a commercial property, be sure to seek a Certified Commercial Real Estate Appraisal service to help determine its value. You should also be on top of its maintenance and work on repairs in a timely manner, You may need to partner with commercial roofers to inspect your building’s commercial roofing and conduct necessary repairs.
However, investors have managed to transform the drawbacks into economic opportunities.