As anyone who works in, lives in or visits New York City can attest, there are construction cranes everywhere these days. Many of the new buildings now going up are residential (and very expensive ones at that), but as I’ve mentioned in earlier columns, there are also a few office buildings rising. In fact, counting Read More
By Robert Sammons 6/27/14 10:35am
Total jobs in New York City were up by 8,700 in May, reaching a new record high of 4,029,300. Not surprisingly, all of the growth was in the private sector, which has added 76,700 positions over the past 12 months.
The overall news was good for the office market, where jobs in its three primary sectors (information, financial activities and professional and business services) climbed by 2,500 to 1,276,100, the highest since March 2001. New York City has gained 114,000 positions in these fields since the recession officially ended in June 2009. Read More
By Robert Sammons 6/18/14 3:00pm
One of the many big stories in downtown Manhattan recently has been the declining office-availability rate.* And nowhere is that more true than in the World Trade Center district. The Class A availability rate for this pocket of just nine buildings (albeit very large ones) nose-dived to 17 percent last month from 22 percent in Read More
By Robert Sammons 6/11/14 1:00pm
Talk to brokers about asking rent and some will tell you that it is a worthless statistic compared to effective rent, which shows where a leasing transaction is actually trading in the market. I agree up to a point: That data is invaluable, which is one reason NGKF has been tracking it for years now. Read More
By Robert Sammons 6/04 4:30pm
With the announcement last week that a new tower in the Grand Central District is back on the front burner, I thought it a great time to take another gander at this prime commercial area of Midtown Manhattan. The building, with the working name of One Vanderbilt, will sit adjacent to Grand Central Terminal and Read More
By Robert Sammons 5/28/14 1:00pm
Total job growth remained positive in April, as 2,600 positions were added to close above the 4.0 million mark for the fourth straight month. These gains are the result of 3,000 new private sector jobs, a slight increase over previous months. Over the past year, the private sector experienced negative job growth only twice, once Read More
By Robert Sammons 5/15/14 6:00pm
Midtown South has been so hot lately it seemed just about ready to boil over. But April brought some relief in the form of additional blocks of space all across the submarket. In fact, each of the nine districts that make up Midtown South recorded an increase in their availability rate for the month.
For Read More
By Robert Sammons 4/30/14 7:00am
Newmark Grubb Knight Frank’s quarterly office statistics for the United States are now complete, making this a good time to see how Manhattan stacks up against the other 54 markets covered, and how the U.S. office market is performing as a whole. (Warning: The following information is statistics-heavy).
The first quarter of 2014 closed with Read More
By Robert Sammons 4/23/14 6:00am
Okay, I admit the title is a bit misleading, but hopefully it got your attention. The reality is that no major office building construction is underway in “greater” downtown Brooklyn right now. Residential construction is a completely different story, of course, but I’m not even going there this week.
Newmark Grubb Knight Frank currently tracks Read More
By Robert Sammons 4/16/14 6:00am
The Newmark Grubb Knight Frank Westside/Times Square (W/TS) district has generally avoided the spotlight in recent quarters for several reasons, including both its relative steadfastness and the constant activity of the neighboring district to the east: Sixth Avenue/Rock Center. But that’s all changing. It should come as no surprise that a district that includes the Read More
By Robert Sammons 4/09/14 6:00am
The Big Apple emerged after the first quarter a bit shinier, at least from the perspective of the availability rate. There was a slight bruise, but otherwise the market was juicy and delicious (okay, enough apple references). Of course, this viewpoint is predicated on the belief that a lower availability rate is a good thing, Read More
By Robert Sammons 4/02/14 6:00am
There has certainly been a lot of opining about the tightening of the Midtown South submarket and how asking rents there have been climbing sharply. At the same time, there have been questions regarding how Midtown average asking rents have managed to hold their own despite the apparent push by tenants to relocate farther south. Read More
By Robert Sammons 3/26/14 6:00am
Although it’s still early in the year, net absorption for the Manhattan office market is looking healthy. Breaking the latest figures down by submarket and district level reveals a few cracks, but nothing terribly alarming and, most importantly, nothing unexpected.
Through February, net absorption for all classes of Manhattan office product totaled positive 2.45 million Read More
By Robert Sammons 3/19/14 7:00am
The latest figure for all Class A space now on the market in Manhattan is 36.1 million square feet, for an availability rate of 12.2%. If that sounds like a lot, consider that there is 296.9 million square feet of inventory from 65th Street south to the Battery. (Despite almost 20 years spent conducting research Read More
By Robert Sammons 3/12/14 2:40pm
This can be an exciting time of year if you’re a numbers enthusiast—whether you’re an actual economist or merely a research data hobbyist (they exist, really.)
Why is this time of year so bountiful for the numerically inclined? Because now is when benchmark revisions are released for many of the major markets, including New Read More