A Numerologist’s View of the New York City Commercial Real Estate Industry
Every year for the past 116 years, the Real Estate Board of New York has hosted its annual banquet. This year, the 117th banquet will take place on 1-17, which either is a coincidence or the REBNY...
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Deals Under 20,000 SF Ruled in 2012
Mega deals rule the commercial real estate market and the trade papers, as everyone in the industry wants to know where the latest big block of space was leased and who will take down the next one. The...
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Tenants Not Occupying Same Amount of Space As They Used To
New York City office employment closed 2012 with 1,260,700 jobs, an addition of 108,500 jobs since employment bottomed out at the end of 2009. Job growth in office-sector industries (financial...
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For First Time in Recent History, Class B Availability Lower Than Class A
A flight to value is occurring in the Manhattan office market as Class B office product remains in high demand. At 10.6 percent, the current availability rate for Class B space is 170 basis points less...
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Number of Contiguous Blocks of 100,000 Square Feet Rises
There are currently 89* contiguous blocks of 100,000 square feet and greater on the market. As with most things in the world today, there is a caveat—and this is where that asterisk comes into play....
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Midtown South Class B Rents Soar Past Midtown
The current difference between average Class B Midtown and Midtown South asking rents is $6.45 per square foot. If we polled brokers on which market’s asking rent was higher, nine out of 10 would...
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On the New York Mets and Negative Absorption
If you were a New York Mets fan in 1986, like former Mayor Ed Koch was, the number 19 was a good thing. That year, while rents were flat at an average of $40 per square foot despite 35 million square...
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Which 3 Submarkets Have Surpassed 2007 Asking Rents?
Flash back to the year 2007: Manhattan real estate was red-hot, and asking rental rates were at all-time highs across all 19 submarkets tracked by Cassidy Turley. But then the financial world...
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Class A Properties Represent Majority of Available Space in Manhattan
Manhattan Class A space currently accounts for 62 percent of the available supply in a recovering market. Yes, you read that correctly—62 percent in a recovering market! If you look back at the...
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Additional 5.9 Million Square Feet of Office Space Projected For Lower...
Last week, as I drove past the World Trade Center site with my son, a question came from the back seat, “Dad, is that where the Twin Towers used to be?” Very quickly after my affirmative response came...
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Midtown Average Asking Rents Experience Largest Dip Since 2010
In March, Manhattan Class A direct average asking rents dropped $0.19 per square foot. It’s only a mere $0.19, but the bulk of the decline came due to an $0.85-per-square-foot drop in Midtown Class A...
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Chelsea and Meatpacking District Availability Rate Lowest in NYC
The Midtown South availability rate was stagnant in the first quarter of 2013 at 9 percent, but it still remains the lowest of the three Manhattan markets. Of the five submarkets in Midtown South,...
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Nearly Half of 1Q13 Transactions Were Renewals
Leasing activity in the first quarter of 2013 totaled 7.15 million square feet, a 30 percent increase from each of the last two quarters of 2012. However, peeling back the layers reveals that 46...
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Sublease Space Tighter Than Stats Suggest
Currently there are 10.5 million square feet of available sublease space on the market throughout Manhattan. While that sounds like a large number, when put in context of the 50 million square feet on...
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Throughout Manhattan, Price Per Square Foot Spiked in 1Q13
If I had a billion dollars, I would invest in a Manhattan office building ... okay, so maybe the song doesn’t quite go that way, but the first quarter had its fair share of office investors. Through...
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Is The High-End Market Making a Comeback?
Through the first four months of 2013, 16 leases were signed at $100 per square foot or higher. Okay, so four deals per month does not seem like much, but as only 23 such transactions occurred in all...
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NYC Experiencing Retail Jobs Boom As 8,900 Workers Added
New York City retail is booming—and so are retail jobs—as 8,900 workers (not seasonally adjusted) were added to the New York City retail workforce year-over-year through March 2013. The overall total...
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The Force Is Strong: What Hudson Yards and Death Star Have in Common
This past weekend was the 30th Anniversary of Return of the Jedi, the greatest movie from my childhood. On May 25, 1983 I was mesmerized from the start of the scrolling introduction to the end...
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Large Deals Account for 42 Percent of Leases in 2013
Through the first five months of 2013, 25 leases of 100,000 square feet and greater were signed. So what’s the big deal? Well, for one thing, these 25 leases and lease renewals account for 5,911,356...
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Professional Services Industry Accounts for Lion’s Share of Leasing in 2013
The success of the Manhattan office leasing market is similar to success in today’s NBA, as both rely on “The Big Three.” Through May of this year, “The Big Three” industry groups—professional...
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