According to a recent news report, Canadian investors are buying heavily in U.S. commercial real estate, including at least one landmark property in Manhattan. Developers and pension funds from north of the border are reportedly looking to the U.S. market because the large Canadian pension funds have a tight grip on the domestic market, and comparatively few Canadian properties are being traded.
New York's Hudson Yards project covers 28 acres on the West Side of Manhattan. It is considered the biggest real estate development in U.S. history, and it is emblematic of the resurgence of New York City's real estate market. It is also a colossal engineering project. It is being developed jointly by Oxford Properties Group and the Related Companies.
Lower Manhattan is becoming a popular choice for businesses seeking to relocate. Downtown's commercial property market recently saw a major deal finalized, as BNY Mellon signed a lease for 350,000 square feet of space at 225 Liberty Street, on the site of the former World Financial Center. BNY Mellon is relocating to the site from its old headquarters at One Wall Street.
The tech world has its sights set on New York City and more tech start-ups are moving to New York. With the increase in tech jobs moving to New York, more commercial properties are being required to update their Internet connections.