Office Space News
Regus Opens Madison Avenue Office Space
Published September 6th, 2010 by Jennifer LeClaire
The latest in a string of serviced office openings stateside, Regus just announced it has opened a full-service business center in the heart of midtown Manhattan. Regus’ newest serviced office space is located at 590 Madison Avenue.
Regus’ business center at 590 Madison Avenue is located on the 18th floor of the IBM building at the corner of 57th and Madison Avenue and offers fully furnished and equipped private offices, meeting rooms, videoconferencing services and a business lounge. This is a prime location. Regus should attract companies in the technology sector, as well as other professional services firms.
With the new office space opening, Regus is pointing to signs of an economic recovery in New York City. And it’s not just anecdotal, either. As usual, Regus has done its homework—and the business center behemoth is sharing it with us.
A second quarter report from Reis, Inc. shows that office vacancy rates across the Unites States are still climbing. The U.S. office vacancy rate reached 17.4 percent in the second quarter of 2010. That’s the worst report since 1993. But the story is a bit different in Manhattan. Reis’ research into New York City’s office market reveals a vacancy rate of 11.5 percent for midtown Manhattan and about 10 percent for lower Manhattan. It appears that five months of employment growth in the Big Apple is helping to fuel business confidence there.
“As business activity gains momentum in New York City, Regus is experiencing an increased demand for our flexible, cost-effective workplaces,” says Donna Scott, Regus’ East Region Vice President. “There are positive indicators suggesting New York City is emerging from the lows of the financial crisis and businesses want to be ready to take advantage of new opportunities that come their way.”
With research and momentum at its back, Regus plans to open at least one more executive office suites facility in Manhattan in 2010. I have a feeling Regus could open two or three more. Much of it probably depends on the timing of the leases they are negotiating. But it’s clear that Regus sees a sweet spot in Manhattan and is going to work that market, even while competitors like Jay Suites continue to grow their footprint in the market.
“Cost control remains a key concern for businesses as the economy regains its footing,” says Scott. “We have proven to be an affordable workplace alternative with more amenities than traditional office space, which is particularly important in a high priced market like New York City.”
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Bill Brookshire September 7th, 2010 at 11:01 am
Regus is on a rampage in Manhattan. Now we know why. The funny thing is, other serviced office space providers should be following suit. I mean, if the market is that strong in Manhattan, you would think that other companies would also want to open up shop there. Maybe they are. But I haven’t seen many announcements, save Jay Suites. But I think they only have about four or five executive office suites facilities there.
Elizabeth Sanchez September 7th, 2010 at 12:27 pm
You almost have to wonder if those numbers are accurate. Then again, I know there are some pockets in cities across the country where office space occupancy is nearly healthy. I guess Midtown Manhattan is one of them. So much of this business is being able to predict what happens next. Regus seems to be betting big on New York. Lets hope it pays off.