Commercial Property Development in the Central Manhattan Area Essay

Commercial plaza Development in the Central Manhattan Area - Essay ExampleThis paper addresses the main drivers for mercenaryizedized keeping development in central Manhattan area over the last 6 years. This adopts special reference to the rudimentary economy of the USA, as well as the Times Square in Manhattan, which reflects the role of IBIDS in commercial property development. Commercial property in the USA suffered adverse effects from the global scotch challenges. Indeed, the stalled scotch recovery from the global recession destabilized the USAs commercial real estate (CRE) recovery (OBrien, B., Sheth, S., & Mahajan, S 2013, p.1). This has been because of economic stagnation in Europe, huge foreign debts, problems in the world labor force, global economic recession that started in 2012, correlation between USA and Eurozone economic growth, globalization, demeaning liquidity trap, lack of transmission line innovation, and slow growth in emerging economies like China and India. Nevertheless, there are probable measures that strengthened the commercial properties industry in the US especially in Manhattan. Question 1 Main drivers for commercial property development demand Demand and supply are important factors in all markets. In Manhattan, the demand for commercial property has steadily increased over the past few years. Therefore, new commercial property development in Manhattan has aimed to meet the demand in the market. According to OBrien, Sheth, & Mahajan (2013), the use of accessible media, enhancing innovation, cloud computing, and adopting enterprise mobility in the commercial proper