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According to the Wall Street Journal, leases for fitness studios and gyms in Manhattan have more than doubled over the past year. Neighborhoods like Chelsea, Flatiron, Midtown South, and Union Square have seen some of the most growth, due to the increase of new residential developments and tech-media workspace hubs.
The paper writes: "Often ensconced on ground floors, gyms help lure people to buy or rent apartments upstairs, and they help landlords attract commercial tenants to office towers. And unlike other retailers, they can slide into second-floor or lower-level spots that landlords sometimes struggle to fill." The articles notes that "gyms have evolved into an amenity that lends a competitive edge, much like balconies or rooftop decks."
Boutique fitness studios aren't the only ones expanding at a rapid pace: leases handled by the real estate firm Cushman & Wakefield ranged from the high-end (Equinox) to the budget (Planet Fitness) to the ubiquitous (SoulCycle).
Over the past few months alone, opening announcements have been made for Exceed Physical Culture in Tribeca, The Bar Method in Cobble Hill and Midtown, Brooklyn Bodyburn in Cobble Hill, and Flywheel in Chelsea and Lincoln Center, and Exhale in Flatiron. (And that's definitely not all.)
One studio in particular managed to get the most bang for their buck: Cyc Fitness, which opened up inside the Astor Place DavidBarton. The company's founder explains, "It cost us a quarter to a third of what it would have cost to build out our own store." Could it be the beginning of a new trend?
· Gyms on Move in Manhattan [Wall Street Journal]
· Boutique Fitness Classes Inching Closer to $40 a Pop [Racked NY]
· All Fitness Content [Racked NY]