Garment/Fashion District: Next
Interested in knowing where the next “hot” office area is? Surprisingly, it is the Garment District in New York. According to commercial property executives, the Garment District will be the “next hot area where office rents will skyrocket.” The survey was done by Marks Paneth & Shron’s Gotham Real Estate Monitor, which polled more than 100 top New York commercial real estate owners, managers, brokers, agents, and other professionals in commercial property. These professionals speculate that there will be more upscale restaurants and retailers popping-up in the Garment District in the near future. According to a number of commercial property executives, the next greatest number of an increase in office rents will likely be the Grand Central area (17%), followed by Hell’s Kitchen/Far West Side (15%) and downtown Brooklyn (12%).
The Garment District is also known as the Garment Center, the Fashion District, or the Fashion Center. The neighborhood lies between Fifth and Ninth Avenue from 34th to 42nd Street. The Garment District has been known since the early 20th century as the center for fashion manufacturing and fashion design in the United States, and even the world.
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Source Market Watch
