Friday, June 3, 2016

Bryant Park Neighborhood Commands Rent Premium

We already know that living or working near a park is good for people. There is a growing body of evidence that proximity to a park is good for real estate values, and that association with Bryant Park in particular is an asset. Now, add to that the findings of a study conducted by Commercial Observer, which examined rent premiums surrounding three New York City parks: Union Square, Madison Square, and of course Bryant Park. Of the three parks studied, Bryant Park commanded the highest rent premium.

From Commercial Observer:

"...Bryant Park, resides within Midtown, and this park set contains 20 buildings totaling more than 9.6 million square feet. Despite having the highest vacancy of the three park sets, at 9.3 percent it is still 10 basis points lower than Midtown’s 9.4 percent vacancy. In the Bryant Park set, asking rents are $101.91 per square foot and command a $23.12 premium over the $78.79 per square foot Midtown average."
Sunlight filters through the London Plane trees, dappling the allees.
Businesses understand that proximity to Bryant Park's beautiful environment is great for their employees and customers. From our perspective, that's just one more way that we help make the Midtown neighborhood a better place! 

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