Market Perspective

Weather’s Economic Impact Likely Temporary

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

Market Perspective

Downtown Manhattan Continues to Surprise

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

3Q2013

Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

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.

Read More

Market Perspective

Some Needed Perspective on Sluggish Leasing

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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

Lease Beat

WeWork Expands Downtown Footprint

A WeWork office interior

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

Market Perspective

The Importance of Tourism

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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