Queens, NY - Office Market Overview
The Queens borough of New York City includes the Forest Hills, Hunters Point, and Jamaica commercial real estate submarkets. With a population of over 2.3 million, Queens is the largest of the five boroughs of New York City. Office space demand in Queens is strong due to the borough being adjacent to both Manhattan and the Bronx.
As of mid-2017, the office market in Queens contains 41 office & mixed-use properties larger than 50,000 square feet. The commercial real estate market in Queens, N.Y., is driven by a robust mix of trade & transportation, healthcare, and large corporate office users.
Queens, NY - Office Inventory Description
If Queens were an independent city and not a borough of New York, it would be the fourth-largest city in the U.S. after Los Angeles, Chicago, and Brooklyn. Because of its sheer size, Queens contributes significantly to the $1.2 trillion annual gross metropolitan product of the New York City region.
There is a tremendous amount of investment-grade office property of all sizes in Queens. Some of the larger office buildings include 58-33 57th Dr, the office properties at 40-29 27th Street and 4501 Northern Boulevard, and 8900 Sutphin Boulevard.
Queens, NY Commercial Inventory Breakdown
Total: 22,758,311 SF
By square footage range:
- 50k to 100k SF: 3,816,326 SF / 16.77% of total office
- 100k to 500k SF: 11,789,665 SF / 51.8% of total office
- 500k to 1M SF: 3,509,650 SF / 15.42% of total office
- > 1M SF: 3,642,670 SF / 16.01% of total office
- Class A: 9,535,555 SF / 41.9% of total office
- Class B: 9,491,947 SF / 41.71% of total office
- Class C: 173,790 SF / 0.76% of total office
Queens, NY - Green Office Space
Over the past 12 years, the amount of green office space in the top 30 U.S. office markets has increased by about seven times. According to the 2017 National Green Building Adoption Index, in 2005 the percentage of green office space compared to the total available office inventory was less than 5%. Now, a dozen years later, that percentage has increased to about 38% across these top U.S. office markets.
Although the existing green office space in Queens doesn't place the borough as a top 30 market, there are some excellent examples of LEED-certified and EPA Energy Star-rated office buildings in Queens, New York. One such example in Queens is CitiGroup's 22nd floor at 1 Court Square. With over 26,000 square feet of LEED Gold-certified office space, this entire floor received high scorecard ratings for energy & atmosphere, indoor environmental quality, water efficiency, and innovation in design.
Another fine example is the TD Bank retail branch at 162 Cross Bay Boulevard. This LEED Gold-certified building brings almost 3,000 square feet of energy-efficient office and retail space to the market.
Queens, NY's Top Office-Using Sectors
The Queens office market benefits from the predictably increasing demand for space created by top office-using sectors like trade & transportation, education & healthcare, business services, and large corporate headquarters.
- Trade & Transportation – Two of the busiest airports in the world - JFK International Airport and LaGuardia Airport - are located in Queens, and they, along with the countless small businesses they attract, help generate demand for office space in Queens.
- Education & Healthcare – Fidelis Care, CenterLight Healthcare, and St. John's University are part of this top office-using sector in Queens.
- Business Services – Business start-ups such as BuyBackWorld and NYC Daylighting help create demand for commercial real estate in Queens.
- Corporate Headquarters – White-collar office employment is generated by firms such as Bulova, Steinway & Sons, Glaceau, and JetBlue Airways that are headquartered in the borough.
- Total Population2,308,791
- Male Population(48.6 %) 1,121,036
- Female Population(51.4 %) 1,187,755
- Median Age38.60
- Average Household Income$76,509
- Median Household Income$66,100
- Median Income Under 25$45,109
- Median Income 25-44$70,938
- Median Income 45-64$75,398
- Median Income Over 65$44,821
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