market

Office condos are buildings with individual units that companies can purchase as office space. Though they are relatively new in the United States, they’re becoming increasingly common in big cities with limited space, such as New York City. Here is a quick breakdown of the office condo market in NYC.   Who is investing? Nonprofit organizations are the largest classification of office condo buyers in New York City, making up 24% of buyers. For the approximately 25,000 nonprofits based in NYC, office condos are the ideal choice for office space because they’re the ideal size, and they’re economical. Nonprofit organizations benefit more from owning their office condos instead of leasing. Owning protects them from being forced to leave due to expensive rent. In addition, in the United States, nonprofit organizations are exempt from property taxes if they buy their office […]