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Ken McCarthy

Market Perspective

January Office-Using Employment Starts Strong

New York City office-using employment jumped in January. In addition, the latest revisions to the employment statistics for 2013 show an office sector that was stronger than initially reported. The revisions indicate the creative industries that have led the office recovery continued to do so in 2013.

Office-using employment increased by more than 4,000 jobs Read More

Market Perspective

Downtown Manhattan Continues to Surprise

The third quarter of 2013 is in the books, and it looks by most measures to have been a pretty average quarter. Leasing volumes were average, asking rents were, for the most part, flat, and vacancy rates drifted higher.

The biggest surprise in the statistics was in the Downtown market. While vacancy rose from second Read More

Market Perspective

Some Needed Perspective on Sluggish Leasing

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The Manhattan office market has been sluggish over the past several months.

While leasing volumes have been above average, vacancy rates have increased in all three of the major markets that make up Manhattan. In August, the Midtown vacancy rate was 11.2 percent up from 9.4 percent at year-end 2012, the Midtown South vacancy rate Read More

Market Perspective

The Importance of Tourism

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One of the more notable aspects of the current economic recovery has been the strength of tourism and related industries.

In 2012, New York played host to a record 52 million tourists—11 million from abroad and 41 million from the U.S.—so we had approximately 1 million people visiting the city every week.

In 2002, New Read More

Market Perspective

Lower Manhattan: A Whole New World

Before the end of the third quarter of 2013, 4 World Trade Center will be ready for tenants to take possession.

Three to four months after that happens, 1 World Trade Center will be ready. In just the past few weeks, Silverstein Properties reached an agreement with GroupM, a subsidiary of British advertising giant WPP, Read More

Market Perspective

A Secular Shift in Midtown South

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No matter how you look at it, the Midtown South market is hot. The vacancy rate in Midtown South is currently 7.2 percent, making it by far the tightest major market in the nation. The only market close to Midtown South in vacancy is San Francisco, where the vacancy rate is 8.6 percent.

The technology Read More

Market Perspectives

New Construction City

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Manhattan is in the midst of a construction mini-boom.

Between May 2013 and May 2014 five new office towers will be completed, adding more than 6.5 million square feet of office space to the market. That’s the largest volume of new office space to be completed over a 12-month period since 1989.

Building Office Square Read More