The backfill second-generation space
is being aided by the high cost of tenant finish-out.
Despite nearly 3 million square feet of second-generation space
returning to the total Manhattan market, available space Downtown declined by more than six percent
Maybe we can best characterise the SpaceLiner by saying it's a kind of second-generation space
shuttle, but with a completely different task," he told TechNewsDaily.
What is new for the tradeport is the lack of large single-tenant second-generation space
To automatically default to valuing first-generation space as if it were second-generation space
ignores the market's acceptance of the property.
The second-generation space
appeals to retailers who are looking for a lower cost of occupancy, and it can be a good alternative in locations where the costs of land and new construction are prohibitive," Cooper explains.
Tenants can get much better lease rates on second-generation space
, which is helping fill a lot of buildings.
Strong retailers have been re-leasing several vacated big-box locations as second-generation space
For example, GVA represents Modell's Sporting Goods, the privately held leading sporting goods chain, who look for second-generation space
at below market rents.
LaGrassa: About 80% of deals are being done with second-generation space
where the tenants have less money to spend fitting out and they are getting the benefit of what is already invested.