NYC’s Real Estate Epicenter is Shifting

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Bloomberg News has reported that New York City is currently experiencing a shift in what what neighborhoods are considered the most desirable for apartment and office rentals.

Whereas Midtown – from 30th to 59th Streets – has been the hotspot in recent years, areas further downtown are beginning to pick up steam. The once-popular neighborhood now has more vacancies than it did at the height of the recession in 2009.

“The epicenter of this city has shifted several times before and is in the process of shifting again,” said Michael Cohen, tri-state region president of Colliers International.

Image via flickr/@marco

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