The Times Square vacancy rate, as befitting this carnival-like submarket, has been on a bit of a roller coaster ride during the past few years. The figure, including direct and sublet availability, dipped to a record low 3.2 percent back in December 2006 then climbed to 15 percent by February 2010—before diving back to 8.8 percent in August of this year.
The latest figure shows it climbing to yet another peak, closing this past October at 10.7 percent. Read More
In greater New York City, there is a total of 11.3 million square feet of office product under construction with another 33.1 million square feet proposed. That makes a grand total of 44.4 million square feet that will or could be delivered in the next few years. Read More
Cassidy Turley research guru Robert Sammons on private-sector job gains and the Manhattan office market:
What double-dip recession? What jobless recovery? There has been so much doom-and-gloom economic rhetoric circling the globe lately that the new jobs numbers just released by the City Comptroller’s Office appear, on the surface, to be totally contradictory. Read More
Cassidy Turley’s research guru Robert Sammons divines the signs… Read More
Cassidy Turley’s research guru, Robert Sammons, on what’s ahead for the Flatiron’s office market: Read More
How do they get along, exactly? Robert Sammons of Cassidy Turley breaks it down.
New York City and the financial services industry are thought to be B.F.F.’s (“best friends forever,” for those not in the know). The accompanying graph does, indeed, show the correlation between financial services jobs (banking, securities and insurance) and the Manhattan Class A vacancy rate. For the most part, the two statistics do follow the expected pattern: as financial jobs fall, the vacancy rate rises, and vice versa. But there are also some interesting variations worth pointing out. Read More
Robert Sammons of Cassidy Turley on where midtown Class A availability is headed:
Direct availability for the midtown Class A segment fell to just under 11.9 million square feet in July, its lowest level since January 2009, when it registered 11.4 million square feet and was on its way up. During the recent downturn, it reached a March 2010 high of 15.1 million square feet. Read More
Robert Sammons of Cassidy Turley explains:
And the Plaza shall lead the way. What has historically been the submarket leader for office rents in Manhattan (and the U.S., for that matter) is once again showing its strength after a recession that hobbled it more severely than any other in midtown, due to its dependency on financial services firms. Not only has the average asking rent been climbing, but so has the effective rent (average per square foot paid over the lease term) for the 48.9 million-square-foot and 93-building Class A portion of this high-end submarket. Read More
Robert Sammons of Cassidy Turley explains:
Fairfield County has the dubious honor of being the only market in the metro area to have an overall vacancy rate greater than 20 percent, closing the second quarter at 20.7 percent (the Class A subset was even less positive at 24.1 percent). It has been worse for this struggling market—in fact, just in the first quarter of this year, the overall vacancy rate was 20.9 percent. Read More
