New York casinos hit the jackpot, and subways predict rent rates
Nov 8, 2013
Here are the news stories you might have missed this week:
The Boston Globe: After decades, Catskills casinos closer to reality
New York voters approved an amendment to the state constitution, authorizing the development of seven Las Vegas-style casinos, two slated for the Catskills-Hudson Valley region. Catskills residents endorse this movement, hoping that the casinos will revive the area’s once-bustling tourist economy. To read more about the developers’ vision, visit BostonGlobe.com.
CoStar: Medical office development ramping up ahead of changes under Affordable Care Act
The commercial real estate industry is preparing for the new age of “retail medicine” that’s beginning to emerge under the Affordable Care Act. Developers are responding to the rising demand for efficient outpatient medical space by ramping up renovations and new building construction. Some developers have even taken this burgeoning term to heart, seeking out vacant retail space in malls and repurposing it for the use of health care providers. Read more about this new trend at CoStar.com
Business Insider: Get ready for the de Blasio construction boom in New York City
Manhattan’s new Mayor bears a new vision, and it’s one that involves substantial growth for New York City’s commercial real estate industry. In his new position, de Blasio aims to expand affordable housing through a new inclusionary zoning approach and hand developers extended development rights. To learn more about de Blasio’s plans for Manhattan, check out BusinessInsider.com.
Commercial Observer: CBRE research rinds strong link between rents, subway station proximity
A new study examining the correlation between rent rates and subway station proximity found that in the Big Apple, landlords of office buildings located adjacent to major subway stations are raking in up to 19% higher rent rates than property owners just two blocks away. Visit CommercialObserver.com to learn more about the findings.
Author: Raymond T. Cirz