Real Estate Envy
Connection engine Honest Buildings has launched a free iPad app for real estate service pros who have submitted projects on the website so they can share their work in real-time on-the-go to prospective clients, Commercial Observer has learned.
“We kept getting examples of people’s work in the PDF two-page document that every vendor in the real estate industry has to showcase what they have,” said Riggs Kubiak, the company’s CEO. “We thought we could drastically improve that experience.”
With all the froth and flutter about New York City startups, it’s easy to forget they’re not special creatures, free from the tyrannical pressures of the real estate market. Today comes a reminder courtesy of The New York Times, which reports that many tech companies companies, rather than waste precious rocket fuel (i.e., capital), are electing to move north–to Midtown.
Pop quiz: In which of America’s central business districts will you have the hardest time finding an office? Answer, according to a report from Bloomberg News, based on data from Cushman & Wakefield: The area between 30th St. and Union Square, a.k.a. Midtown south, a.k.a. Silicon Alley. Color us utterly unsurprised.
The article informs us:
The area known as midtown south has replaced Midtown as the most desirable location for companies to lease space, the brokerage said. Midtown south… has the lowest vacancy rate of all central business districts in the nation, at 6.1 percent, according to Cushman & Wakefield.
We also feel like it’s worth floating the possibility that proximity to the original Shake Shack might be a consideration.
Meanwhile, in Q2, rents for Midtown proper were down for the first time in two years. Yeah, no wonder: Have you tried finding a Starbucks without a twenty-minute-long line of tourists around here lately? Good luck.