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

Stat of the Week

For First Time in Recent History, Class B Availability Lower Than Class A

170BasisPoints

A flight to value is occurring in the Manhattan office market as Class B office product remains in high demand.

At 10.6 percent, the current availability rate for Class B space is 170 basis points less than the Class A rate of 12.3 percent. This is the only real estate cycle in recent history in which Class B availability rates have been lower than those for Class A. This trend started in 2012 and has continued for the last 10 months. Read More

Stat of the Week

2012 Shaping Up To Be Worst Year For Absorption Since 2009

Manhattan Net Absorption.

Net absorption (net change in occupied space) wrapped up the first 10 months of 2012 at a little more than 1.6 million square feet.

It could be worse … but it could also be better.

This year, firms haven’t been expanding in or relocating to Manhattan at the same speed they did even in 2010 and 2011. And unless some growth explosion happens over November and December, this will be the worst year for absorption since the sharply negative 2009. Read More