In Long Island City, ground-up office projects have also performed well alongside unprecedented resi growth
Various rezoning initiatives, particularly that enacted in 2001, have ushered the current mixed-use vision of Long Island City.
February 25, 2019
- Various rezoning initiatives, particularly that enacted in 2001, have ushered the current mixed-use vision of Long Island City; however, most developments have been residential, driving Long Island City to become the fastest-growing neighborhood in the country.
- The office market is still emerging though, and its robust transit infrastructure offers access to 52 percent of the region’s highly educated talent within a 20-minute commute. Further, the local office market will capitalize on immediate access to talent attracted to brand new residential properties priced at a discount compared with Manhattan.
- Modern glass-and-steel office properties, including anchor opportunities that are in short supply, are offered at a significant discount compared with most regional alternatives (especially after REAP incentives) and each of the five ground-up office development begun since 2001 have fully been fully committed prior to delivery.
Source: JLL Research, ESRI, NYCEDC, Miller Samuel