Although the U.S. economy overall, as measured by payroll employment, has grown at a moderate pace since the job recovery began at the beginning of 2010, some cities have boomed while others have lagged. In general, cities that have a large proportion of their employment base in either technology or energy are growing rapidly, while Read More
The U.S. economy slowed sharply in the first quarter of 2014 with real gross domestic product (GDP) currently estimated to have increased at an annual rate of approximately 1.5%, down from 2.6% in the final quarter of 2013. Most of the slowdown was caused by the severe winter of 2013-14 which caused drops in consumer Read More
There’s an old joke that says: “God created economists to make weathermen look good.” Generally speaking, economists do not pay much attention to the weather because it does not affect economic activity except over very short periods of time. A bad storm might affect a region for a few days or weeks, but after it’s Read More
The year 2013 was one for the record books in New York City.
- The number of tourists visiting New York City reached a record 54.3 million people.
- 1 World Trade Center was confirmed as the tallest building in the Western Hemisphere.
- The number of people working in the city reached Read More
When was the last time interest rates were a topic of discussion regarding the U.S. economy? It was probably in 2007 or 2008 when the financial crisis was just emerging. But the recent rise in rates shouldn’t be a cause for undue concern. In fact, it signals that the economy is in much better shape. Read More
It’s time for a little crystal ball-gazing, keeping in mind one of my former boss’s favorite sayings: “He who lives by the crystal ball gets to eat shattered glass.”
The Manhattan office market closed 2013 with some interesting anomalies that will have an important impact on 2014:
- While total employment growth was very strong, Read More
Since the jobs recovery began in late 2009, New York City has been one of the best performers in the nation.
As of August, total employment has increased by more than 290,000 jobs (note the partial government shutdown delayed the release of September employment for the city—it will now come out in late November, along Read More
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
For much of my career of studying and forecasting activity in the U.S. economy and the commercial real estate industry, I have held fast to a maxim that what happens in the economy does so in spite of what goes on in Washington, D.C.
There is no denying that Federal Reserve policy, taxes and spending, Read More
While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.
Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.
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
Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.
After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More
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
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
We live in the biggest city in North America and one of the largest metropolises in the world. Sometimes we get so caught up in the day-to-day activities of life that we fail to realize just how special New York City really is. So I thought this week I would provide some perspective. Gross City Read More