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Richard Persichetti

Stat of the Week

Stat of the Week: 53 Percent

Downtown Availability chart form

Downtown Manhattan has dominated headlines over the past year, as tenants continue to lease large blocks of space, causing the available supply to shrink. Year-over-year the number of 100,000-square-foot blocks dropped to 12 from 17. The total square footage from these 12 blocks consists of 3.7 million square feet, down from the 4.9 million square Read More

Stat of the Week

Stat of the Week: 5.8 Million Square Feet

Absorption Top 5 chart

Strong market fundamentals have led to three quarters of positive absorption this year in Manhattan, totaling 5.8 million square feet.

All three markets contributed to this positive total, as downtown led the way with 2.9 million square feet, which was fueled by 11 leases each signed for over 100,000 square feet. After recording negative 871,775 Read More

Stat of the Week

Stat of the Week: $65.50 Per Square Foot

Midtown South Available Supply

Through three quarters this year, healthy market fundamentals continue and asking rents remain on the rise across all markets in Manhattan real estate. Despite rental increases being slightly off the pace of 2013—overall Manhattan asking rents increased only 4.5 percent through September this year compared to 6.8 percent for the same time period last year—many Read More

Stat of the Week

You’ve Gotta Have Friends

Friends SotW_Final-01(1)

This week marks the 20th anniversary of another New York-based sitcom that entertained millions of people for 10 seasons—Friends. Throughout the years, the six main characters had some very quotable lines that made me think of the current New York real estate market. So it is my duty to write a Friends-based article, because it Read More

Stat of the Week

Stat of the Week: 9.4 Percent

Friends show lines and leases

This week marks the 20th anniversary of another New York-based sitcom that entertained millions of people for 10 seasons—Friends. Throughout the years, the six main characters had some very quotable lines that made me think of the current New York real estate market. So it is my duty to write a Friends-based article, because it is Read More

Stat of the Week

Midtown Drops the Basis Points

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The Midtown availability rate dropped below 10 percent for the first time since June 2008, and is the lowest it has been in 75 months. Since the end of last year, the availability rate is down 110 basis points, and things really started to heat up during the summer, as it dropped a combined 70 Read More

Stat of the Week

Lower Manhattan Rising

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It has been 13 years since the events of 9/11 and the world has changed a lot since then. The Lower Manhattan office market has been part of this evolution, and has steadily improved this year. At 10 percent, the availability rate is down 290 basis points since the end of last year. Oddly enough, it Read More

Stat of the Week

VCs Fund a TAMI Growth Spurt

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So far this year, the TAMI (tech, advertising, media and information) sector has accounted for 27.4 percent of the leasing activity throughout Manhattan. To no one’s surprise, Midtown South has the highest percentage of TAMI-based leasing activity, with 39.8 percent of its 4.9 million square feet going to these tech firms. Lower Manhattan has the Read More

Stat of the Week

On Absorption and Sharknados

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A colleague told me the other day that absorption is boring. But like shark-infested tornados in New York City, absorption cannot be ignored! For the past five quarters, Manhattan absorption has been positive, and with another 1.6 million square feet of positive absorption posted in July, the market is well on its way to another Read More

Stat of the Week

Manhattan Office Investment: Midyear Review

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The Manhattan office investment market had a stellar second quarter this year as investment volume more than doubled the first quarter’s total. With $5.98 billion traded in the second quarter alone, it brought the year-to-date total to $8.96 billion. The nearly $6 billion figure equaled the second-highest quarterly total over the last 18 months as Read More

Stat of the Week

Midyear Leasing by the Numbers

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Through the first six months of 2014, Manhattan leasing activity totaled 17,837,091 square feet, a miniscule 0.71 percent dip compared to the same time period in 2013. Of the 17.8 million square feet leased, 74 percent of the leases signed were new or subleases, while only 26 percent were renewals. That’s a slight difference from Read More

Stat of the Week

70 Basis Points: The Sequel

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Most sequels fail to deliver. The biggest disappointment for me was Caddyshack II, a sequel that is simply unwatchable and highly forgettable. However, this Stat of the Week exceeds its predecessor (if I do say so myself). I first wrote a 70-basis-point stat of the week to start off 2014. The original focused on how Read More