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Market Reports

By Gus Delaporte 2/19 7:45am

Market Reports

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Office Availability Drops in Manhattan in January: Report

The overall availability rate of office space in Manhattan dropped 20 basis points in January to 11.4 percent, according to Cassidy Turley’s most recent Manhattan Office Market Report, released Thursday.

The overall office market experienced 464,433 square feet of positive net absorption in January, the report noted, as average asking rent in Manhattan clocked in at $61.16 per square foot.

The drop in availability was driven largely by Midtown, which had six of its nine submarkets register positive absorption of 40,000 square feet or more. The downtown market was a contributor as well, with positive absorption of 260,351 square feet. Read More

By Al Barbarino 2/11 12:19pm

Market Reports

(Credit: Michael Nagle/Getty)

Midtown South Landlords Rule With Iron Fist Despite Spike in Availability

Despite a fair share of new product hitting the Midtown South market in January, landlords continued to call the shots, seeking ever-growing rents in the city’s epicenter for tech and creative companies, the latest data from Cushman & Wakefield shows.

The data shows that total space increased year-over-year in January by 9.8 percent to more than 4.52 million square feet, yet average rents also increased by 10.7 percent to $50.61 per square foot.

The boost in available product was pronounced among Class A and Class B properties, with 41.03 and 47.1 percent increases, respectively.

“It is still a landlord’s market even though that space has come online,” said Ken McCarthy, C&W’s chief economist.  “Anyone adding space to the market is asking higher rents.” Read More

By Daniel Edward Rosen 10/02/12 11:41am

Market Reports

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3rd Quarter Results Indicate Market Shift, Plaza District Not So Blah: Colliers Reports

Midtown South continues to bring in the tech tenants while neighboring markets like Midtown North are becoming cheaper alternatives, Colliers International said in its third quarter report released yesterday.

Leasing in the Manhattan market improved overall, with law firms, financial services firms, and media companies contributing to a modest 6 million square feet leased in the third quarter. The result was still 1.4 million square feet fewer than the 7.4 million square feet that was leased in the second quarter of 2012. Read More

By Daniel Edward Rosen 9/12/12 2:53pm

Market Reports

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Manhattan Submarkets Showed Some Spark in August: Cassidy Turley

Asking rents in the month of August jumped by 1.7 percent to its highest rate since February 2009, while activity in three major Manhattan submarkets showed encouraging results, according to a recent report released by Cassidy Turley.

The Downtown Class A submarket saw its vacancy rate decline for the second month in a row, finishing at 8.4 percent.  The increasingly popular Midtown South submarket, meanwhile, continued to perform well and saw its vacancy rate drop to 8.1 percent. 

Midtown did not fare as well. Its vacancy rate rose to 10.9 percent, its highest rate since May 2011.  Read More

By Daniel Edward Rosen 8/28/12 11:29am

Market Reports

Cushman & Wakefield's Glenn Rufrano

Cushman & Wakefield Boasts Positive Earnings in Second Quarter of 2012

Real estate brokerage firm Cushman & Wakefield reported a 3.2 percent increase in consolidated gross revenue and a 5.9 percent increase in operating income for the second quarter of 2012, it was announced this morning.

Cushman & Wakefield’s net income grew by $4.6 million to $6.8 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 9.5 percent.

Second-quarter gross revenue dropped by less than 1 percent to $503.7 million, compared with the $504.4 million made at the same time period in 2011.  Read More

By Carl Gaines 7/26/12 11:13am

Market Reports

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NYBC: Alterations and Rehabs Lead Building Starts

A day after President Barack Obama called for putting construction workers—hit hard in the economic crisis—back to work in a speech at the National Urban League, the New York Building Congress released grim data for local firms specializing in ground-up construction.

The NYBC analyzed McGraw-Hill Construction Dodge data and found that office construction starts in New York City were down 30 percent in 2011 compared to the year previous. In 2010 those starts hit $2.6 billion, but in 2011 only $1.8 billion in new office construction projects got going. Read More

By Daniel Edward Rosen 7/12/12 3:49pm

Market Reports

The International Gem Tower (photo courtesy of Extell Development)

NYC Construction Sluggish, Long-Term Outlook Looks Stronger

Manhattan should expect to see 2.1 million square feet in new office space under construction in 2012 with the arrival of 6 new buildings slated this year, the New York Building Congress announced Wednesday.

The 2012 numbers are a slight bump up from 2011, when the city added 1.8 million square feet in 7 buildings. But those numbers should dip in 2013, when the NYBC predicts 1.7 million square feet of space to be added to the market. Read More

By Daniel Edward Rosen 7/12/12 1:00pm

Market Reports

Michael Rudder, Principal of The Rudder Property Group

Average Prices Drop to Lowest Point in 5 years, Downtown Remains Hot for Office Condo Sales

The average price per square foot for office condominium sales dropped in the first half of 2012 to the lowest point in 5 years, while total square footage of office condos sold surpassed the five-year average, according to a new report from Rudder Property Group. 

The average asking price for office condos was at $431-a-square-foot. Contributing to that decline is the fact that most of the city’s inventory of high price units (especially in submarkets like Chinatown) had mostly been sold, while the Downtown submarket saw a high-number of low-cost sales.  Read More

By Daniel Geiger 7/09/12 2:26pm

Market Reports

Joe Harbert

Two Big Deals Prop Up Second Quarter Leasing

Leasing activity in Manhattan in the second quarter surged ahead of totals in the previous three months but hinged on two blockbuster transactions that buttressed what would otherwise have been a subpar period.

About 7.4 million square feet of leasing took place during the second quarter according to data released this morning by the real estate services firm Colliers International. On its face, the figure is a significant improvement from the previous two quarters, which had been a shadow of the market boom in the first half of 2011 - 5.1 million square feet was leased in Manhattan in the first quarter and in the final quarter of 2011, 5.9 million square feet was taken. Read More