Supply Woes Mount In Mount Pleasant
Mount Pleasant continues attracting creative and tech groups, as the area evolves from its industrial past. (HootSuite moved into a 60k SF space there last year.) Of course, something has to be done about the shortage of quality office product. JLL’s Ronan Pigott tells us things won't improve right away. While there’ve been a number of strategic acquisitions in the area, he says redevelopment isn’t imminent, as owners will spend years dealing with existing lease commitments and design and approval.
In Mount Pleasant, two new developments Ronan's firm is repping are seeing considerable interest from tech and post-production companies: Fifth (pictured), a 73k SF building at West 5th Avenue and Yukon Street; and 7 East 6th Avenue, an 18k SF building. Development in Mount Pleasant has been spurred by a new zoning amendment that enables mixed-use buildings to have larger general office space on the levels above the ground floor. The new supply won’t do much to increase the vacancy rate, Ronan says: "A lot of its been absorbed already."
