Commercial real estate- Manhattan - Coursework Example

Downtown experiences the most rapid growth, followed by Midtown, and finally Uptown (Wheatonm et al., 2009). In addition, Manhattan has the largest and broadest set-up of business improvement districts (BIDS) in New York (Rudder Property, 2013). They are actually considered one of the key drivers for economic revitalization in the commercial property development. We cannot objectively describe the economic drives of Manhattan without considering the commercial real estate of the County (Wheatonm et al., 2009). Other factors are equally important, especially the overwhelming workforce industry, but this particular sector economically overshadows them in many aspects.

To put it, the commercial real estate in Manhattan is undisputedly the worlds most stylish and costly real estate industry going the present statistics. In fact, it is the home to the world’s most famous bridges, skyscrapers and parks. The One World Trade Centre, Chrysler Building, Empire State Building and the twin towers are all located in Manhattan (Carlyle, 2014). According to Forbes, the real estate worth of Manhattan as at 2013 exceeded three trillion US dollars (Brennah, 2013). In terms of office space, it is listed as the largest office market in the US (Rudder Property, 2013).

Currently, Manhattan is the third most densely populated borough in New York County. With over 1,636,268 inhabitants. This is about a fifth of the population of the City, and 9% of the state (State and County QuickFacts, 2015). In land area, it is the smallest of the five boroughs. One of the reasons why most tall buildings are located in the area is because of the bedrock which underlies much of the borough (Moss & Qung, 2012). People have argued that it is perhaps the preferred locations for skyscrapers due to the unique nature of its bedrock from one town to the other (Wheaton et al.

, 2009 According to the information provided by the real estate firm Douglas Elliman, commercial real