Midtown Manhattan’s monopoly on commercial leasing is under siege. Its biggest threat? Jersey City.
The Real Deal reports that Jersey City is driving up the vacancy rate at Midtown office buildings. Greg Popkin, president of RFR Real Estate, analyzed the changing market. Jersey City’s tax breaks are a big incentive that have brought over many Manhattan based TAMI tenants, whereas office space in Brooklyn and Queens have yet to add to the competition. Though Popkin believes that Jersey City has a lot of potential, he hopes to bring change to Brooklyn and Manhattan. It’s hard to compete with tax breaks, so let’s see what the future holds.
