Sammons Says

Midtown South as Relief Valve

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

Sammons Says

Manhattan vs. the United States

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

Sammons Says

A Building Grows in Brooklyn

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

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

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

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

Sammons Says

Manhattan Sublease Availability Takes a Dive

Sublease availability plummeted in November, dropping to 9.55 million square feet.

This is the first time it has fallen below the 10 million mark since January 2012 (9.96 million square feet) and the lowest it has been since September 2008 (9.51 million square feet). If that last date sounds familiar, it is likely because this Read More

Sammons Says

The NYC Jobs Report—Finally

O.K.—I admit it. I was really getting itchy, like serious-addict itchy.

Except for the early part of each year, one can count on the local job numbers to be released on the third Thursday of each month—that is, until we had a federal government shutdown! So since Sept. 20, when the August numbers were released, Read More

Sammons Says

Staying Relevant on Park Avenue

To hear some people talk about it, every building in the heart of Midtown is in danger of collapsing as the average age is, gasp, 63 years.

But there are a number of major properties in this part of Manhattan that are doing just fine. Many have undergone or are undergoing significant capital improvements to Read More