Landlords of suburban office parks are finding that urban amenities can make their properties more attractive to younger workers who have typically eschewed the suburbs in favor of cities. The vacancy rates for office space in Manhattan and New Jersey paint a very clear picture of this disparity. The former is 8.5%, while the latter is 23.9%.
Some of the new features that suburban office landlords are trying out include food trucks, cafes, yoga studios, and even stand-alone structures dedicated entirely to amenities. Said buildings can include everything from fitness centers, meeting spaces, conference areas, and even restaurants. These have proven very popular.
For example, the Warren Corporate Center, an 800,000-square-foot office park in Warren, N.J., is investing $12 million to build a 19,000-square-foot structure that will include a full basketball court, gym, and manicured roof deck. Hugo Neu Corp, meanwhile, is turning a building on its 130-acre campus in Kearny Point, N.J., into a food hall with a brewery. They are also adding walking paths between buildings and even an amphitheater for concerts and other events.
Adding these types of amenities appear to be paying off. Rubenstein bought a three-building campus in Whippany, N.J., for $25 million in 2012 and converted one of the buildings into a stand-alone amenity center. They then sold the property for $69 million last year.
The Wall Street Journal has more.
New York City has agreed to hand over $2 billion to bring buildings run by the New York City Housing Authority up to code. This comes after an investigation by the U.S. Attorney’s District Office discovered rampant disrepair among the authority’s 325 sites. Specifically, the money will be used to address issues like the presence of mold, vermin, and lead paint in these buildings.
6sqft has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
A discernible rift was present this weekend at the G-7 meeting between President Donald Trump and the remaining countries in the group, that rift was exacerbated when the president decided to lash out at Canada over tariffs designed to support its supply-managed dairy system before leaving for Singapore to meet with a delegation from North Korea, China is worried about what will happen to their influence over North Korean dictator Kim Jong-un should his meetings with President Trump tonight and tomorrow go well, several Middle Eastern states are pitching in to send Jordan aid that will allow it to prop up its monarchy, garbage avalanches are killing people in India, and global investment in wind and solar power is more than double that of energy sources that rely on fossil fuels. Oil prices have come down, prices for battery metals are falling gradually, Bitcoin prices declined following the hacking of yet another cryptocurrency exchange, net neutrality is officially no more, and the president’s unofficial “filing system” involves ripping up pieces of paper and letting someone else scoop them up from the floor and later tape them back together. Foreign tourism to the U.S. is expected to be lower this summer than in the past, an average of 96 Americans die each day because of gun violence, suicide rates are rising across the U.S., U.S. ports need $20 billion in infrastructure investment to handle increases in the volume of commerce, and the Atlantic decided it was a good idea to run what may go down in history as the single most idiotic article ever published on mass transit anywhere ever. In local news, a judge suspended the deportation proceeding of a man who arrived on an army base in Brooklyn to deliver pizzas and was turned over to ICE despite living in the U.S. for ten years and being married to an American citizen, Bushwick is becoming home to an increasing number of start-ups, the New York City Open Data team announced the winners of its Open Data Project Gallery Contest, and a judge has ruled that New York City’s ban on plastic foam containers is legal.
There’s an alternative World Cup for countries that have proclaimed their sovereignty but lack international recognition, the blimp industry is changing for the better, Detroit is home to the world’s smartest intersection, approximately 30 percent of traffic is caused by people looking for parking, caterpillars are making the roads in Maine slick, herds of jet skiers invaded the Hudson River over the weekend, and a lost pet pig was found wandering around a Dunkin Donuts in New Jersey. A Michigan man, meanwhile, beat up a bear, another Michigan man captures bees for a living, an Alabama man is on a mission to cut grass in all 50 states, and a new study suggests that the massive statues on Easter Island were erected by just a few people who used ropes as their only tools.