Available sublease space continues to decline and only accounts for 17.5 percent of overall Manhattan available space. At 8.2 million square feet, the available sublease supply has dwindled from 12 months ago when there were more than 10.5 million square feet on the market. This marks the lowest percentage of available space being offered on Read More
By Richard Persichetti 2/25 7:00am
Like a fine wine, older Downtown Manhattan buildings are getting better with age—or at the very least, they are getting a lot more attention. With a total inventory of more than 89 million square feet, what happens when you look at the market by building age? Well, analyzing the market based on buildings built pre- Read More
By Richard Persichetti 2/18 7:00am
The Madison Square/Park Avenue South submarket availability rate is 9.5 percent, and this submarket is outperforming the overall Manhattan market’s availability rate of 10.8 percent. However, with 2,528,505 square feet of available space, this submarket accounts for 37.9 percent of Midtown South’s available supply. With Midtown South availability tightening to its lowest level since 2006, Read More
By Richard Persichetti 2/11 7:00am
In honor of the Winter Olympics, I thought we should award medals for major Midtown avenues’ leasing activity for three different events: total number of leases, total leasing volume and total lease renewals in 2013. Last year, there was a total of 21.2 million square feet leased in Midtown, with 62.3 percent leased on the Read More
By Richard Persichetti 2/04 12:51pm
Last year was kind of a slow one for Midtown South from an availability standpoint. The available supply started 2013 at 7,669,177 square feet, and by year-end it had only dropped down to 7,546,690 square feet. But this year, Midtown South strikes back and comes out with a vengeance not seen since the Empire decimated Read More
By Richard Persichetti 1/28 7:00am
With the first ever New York City-area Super Bowl to kick off this Sunday, what better way to start Super Bowl week than with the first annual Stat of the Week Bowl? This year’s competitors are Midtown Class A buildings versus Midtown Class B buildings, and both performed well enough this year to make it Read More
By Richard Persichetti 1/22 6:00am
Leasing activity reached 37.9 million square feet in Manhattan in 2013, an 18.4 percent increase compared to 2012. There was a surge of activity in the fourth quarter as 13 million square feet were transacted. The surge was led by 27 leases greater than 100,000 square feet being signed in the fourth quarter alone, which Read More
By Richard Persichetti 1/14 7:00am
The 118th Real Estate Board of New York banquet is upon us–the biggest annual event in New York real estate. In honor of celebrating this event, let’s take a look at the submarkets that had the biggest declines in availability since last year’s gala. In 2013, five submarkets stood out as the availability rate dropped Read More
By Richard Persichetti 1/07 7:00am
As we ring in the New Year, let’s start with a toast to 2013. Last year started off slow, as the Manhattan available supply jumped to more than 50.4 million square feet at the end of the first quarter of 2013. But by the end of the year, the overall availability rate in Manhattan dropped 70 basis points from 2012 to 10.8 percent and dropped below 47 million square feet of available space for the first time since 2008. Moreover, 7.1 million square feet of positive absorption was posted in Manhattan. All of these positive trends occurred despite the addition of more than 4.6 million square feet of new construction Read More
By Richard Persichetti 12/17/13 7:00am
With 2013 quickly coming to a close and Anchorman 2: The Legend Continues hitting theaters this week, what better way to pay tribute to Manhattan real estate than by giving out Anchorman Ron Burgundy-themed awards? So without further ado, let’s find what makes real estate unique in New York.
5. “A lot of you have Read More
By Richard Persichetti 12/10 7:00am
Ahhh, December in New York City!
The ringing of the Salvation Army bells, the decorated storefronts up and down the avenues, the Christmas tree at Rockefeller Center and the International Council of Shopping Centers conference at the Hilton on Avenue of the Americas. So with the ICSC’s last hurrah on Avenue of the Americas before Read More
By Richard Persichetti 12/03/13 7:00am
The Avenue of the Americas/Rockefeller Center submarket has been performing well over the past eight months. After availability peaked at 14.2 percent in March of this year, more than 1 million square feet of positive absorption was posted, and the availability rate dropped to 11.9 percent through November. Overall asking rents are up only 1 Read More
By Richard Persichetti 11/26/13 7:00am
As Macy’s is preparing to kick off the 87th Thanksgiving Day Parade, we look to another Thanksgiving institution, the American Farm Bureau Federation (AFBF) in this week’s column.
The AFBF has been conducting an informal price survey of the cost of a classic Thanksgiving dinner since 1986. According to the AFBF, the average cost of a traditional Thanksgiving meal is down this year $0.44 to $49.04. The biggest contributor to the drop in the meal price was higher turkey production this year, which dropped the average price of the bird by $0.47 compared to 2012. Frankly, I spend more than that on all the items that go into my antipasto on Thanksgiving, so clearly my traditional Italian feast is on the high end of the spectrum. But what does this have to do with real estate?
By Richard Persichetti 11/19/13 7:00am
The Midtown availability rate continued to decline in October, dropping another 20 basis points to 11 percent.
This trend can mostly be attributed to the red hot west side of Midtown, the Fifth/Madison submarket performing well with Class A asking rents approaching $110 per square foot and even the Avenue of the Americas corridor improving Read More
By Richard Persichetti 11/12/13 7:00am
The Midtown West/Columbus Circle submarket has been in the headlines a lot lately.
The area has had good news and some not so good news, like the legal issues over the sale of Worldwide Plaza and the likelihood of Time Warner leaving Columbus Circle for Hudson Yards. But let’s focus on the good news this Read More