NYC Real Estate Stats: They’re Real and They’re Spectacular
Richard Persichetti July 15, 2014, 1:45 p.m.
In July 1989, Seinfeld, the (arguably) greatest sitcom in television history, first aired. And this show about nothing left us with a whole lot of something. In honor of Seinfeld’s 25th anniversary, let’s hand out some awards based on famous Seinfeld quotes.
5. “No soup for you!”
This award goes to the five submarkets that had an uptick in the available supply over the last six months: Hudson Square/TriBeCa, Flatiron/Union Square, Park Avenue, Midtown West/Columbus Circle and Times Square.
4. “I was in the pool!”
This award goes to the shrinkage of Downtown’s availability rate, which contracted by 200 basis points to 10.9 percent over the last six months.
3. “You had to have the BIG salad!”
This award goes to the 30 big leases signed in the first six months of 2014. The trend for leases greater than 100,000 square feet continued and is slightly ahead of the 2013 pace. The crouton to this big salad is that two-thirds of these transactions are new leases, compared to 2013 when two-thirds were renewals.
2. “Not that there’s anything wrong with that.”
This award goes to the Manhattan leasing velocity through June, which is actually slightly down compared to the same time last year. The total square feet leased in the first half of 2014 was 17.82 million square feet, down slightly from the 17.97 million square feet leased in the comparable 2013 period.
1. “Did you just double dip that chip?”
This award goes to Manhattan absorption, which posted 1.50 million square feet of positive absorption in the first quarter, followed by another 1.45 million square feet in the second quarter. With overall absorption just shy of 3 million square feet, Class A space is outpacing the rest of the market, with 3.1 million square feet of positive absorption recorded so far this year.
The first half of the year was a strong one, and not only are these statistics real, they’re spectacular!