Giant retailers are experiencing huge success with shrinking real estate footprints. Net-lease investors can benefit from owning smaller-format stores.
The new service follows the recent addition of Studio, co-working offices, to the Tishman Speyer portfolio. Studio Private will initially be rolled out in New York City with locations to be added later throughout its global portfolio.
The 1.12 million-square-foot space is located in a new building at NorCal Logistics Center, representing continued expansion of logistics supply chain infrastructure against the backdrop of steady growth in e-commerce.
The $400 million first phase of project has reimagined an ageing and underutilized section along Market Street into a dynamic full block of leading stores and popular restaurants.
As space availability in top tech submarkets continues to tighten, expect large tech companies to continue expanding outside their headquarters markets.
In the past 10 years, FIRE's market share of occupancy in Lower Manhattan has fallen from 55% in 2008 to a little over 35% today, according to the third quarter Lower Manhattan Real Estate Report released today by the Alliance for Downtown New York.