Feed

Robert Sammons

Sammons Says

Out and About on the Westside

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

Sammons Says

A Shinier Big Apple

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

Sammons Says

Midtown Rent Round-Up

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

Sammons Says

The Manhattan Office Market: Absorbing It All

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

Sammons Says

Putting a Dent in Availability

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

Sammons Says

Look Out–Flying Numbers!

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

Sammons Says

To Be Class C in Manhattan

Class C layout

Ah, the Class C building. To put it delicately, it is considered…less than desirable. Typically, these properties require numerous upgrades and represent the most affordable alternatives in the market. In fact, Class C buildings are so easily dismissed by most that some brokerage firms don’t even bother to track their data.

But that’s unfortunate, Read More

Sammons Says

Sorry–This Space Occupied

When considering the state of the market, it’s common for real estate professionals to focus on vacant space, as opposed to occupied space. Partially, this could be because occupied can be a surprisingly relative term. For instance, just because space is technically occupied and someone is (hopefully) paying the rent, doesn’t mean that the space Read More

Sammons Says

The East Side Gets No Respect

Manhattan’s west side is continually enveloped by buzz, hype and anticipation these days. Whether it’s Columbus Circle, Hudson Yards or the World Trade Center, the west side of the island seems to be where all the excitement is. The east side, on the other hand, is like the late, great Rodney Dangerfield: It gets no Read More

Sammons Says

Onward and Upward: Debating New Construction

Untitled

You’ll hear arguments on both sides about whether New York City (and specifically Manhattan) needs any of the new office product that is now rising across Midtown South and Downtown. Let me lay down some facts and you can decide for yourself.

  • The average age of an office building (25,000 square feet and greater) Read More

Sammons Says

The (Not-So-) Final Job Tally Is in for 2013

Well, the employment numbers are in for the full year of 2013. Overall, job growth was phenomenal, with a total of 95,600 private sector positions added over 12 months. There is some concern, however, that office job growth isn’t quite keeping pace with the health, leisure and hospitality, education and retail sectors.

For office employment Read More

Sammons Says

Going Up, Going Down

Vacancy and availability, as I have previously mentioned, are terms that are often used interchangeably. We at NGKF, however, see it as two unique measures based on distinct types of data. The definitions are not complex; they are, indeed, exactly what the names suggest. Vacant space is space not physically occupied. Available space may or Read More

Sammons Says

The Wide Angle View

As stated in its press release, the Real Estate Board of New York will honor the “industry’s top leaders, trailblazers and power brokers” at this week’s 118th annual banquet. Operating in what is arguably the most significant real estate market in the United States, if not the world, it is no small feat to be Read More

Sammons Says

The Award for Most Interesting 2013 Manhattan Submarket Goes to…

…It was definitely a close call. During the vote for the 2013 Most Interesting Manhattan Submarket Award (of which I was the only voter), it came down to the NGKF submarkets of World Trade or Penn Station (home of “greater” Hudson Yards). There was consideration to open it up to all of New York City so Brooklyn could be included. But cooler heads prevailed–a gain, just mine–and without getting into all that Brooklyn promotion, I kept the selection to one borough. I’m pleased to announce that this year’s MIMS Award goes to Read More