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New York Office Space

Manhattan office buildings are overpriced by 20%. That s great news for LA Profit margins are higher in the city of angels

(Wikimedia Commons)

Los Angeles has a new weapon in its constant battle for supremacy with New York: better office real estate profits.

A study from Green Street Advisors found that New York’s office buildings are overpriced by an average of 20 percent compared to West Coast markets like We上海夜网

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rding to Bloomberg. Per Green Street, the lower profit margin in New York is based on factors including new supply in places like Hudson Yards and the World Trade Center, major tenants like finance companies and law firms sca爱上海同城论坛

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ling back on space, and the pro-growth policies of Mayor Bill de Blasio and his predecessor Michael Bloomberg.

Common criticisms of Los Angeles, such as its sprawl and traffic, have actually increased the value of office space on the west side of the city, as they discourage building. Nimbyism plays a r上海夜网论坛

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The findings coul爱上海同城

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d increase the value of California-based REIT Douglas Emmett Inc. and lower the value of New York REITs like SL Green Realty and Vornado Realty Trust. [Bloomberg] – Eddie Small

Tags: Commercial Real Estate, green street advisors, Manhattan Office Market
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