Manhattan Market Report
It has been just brutal outside, a mess of snow, sleet, rain, ice and slush, requiring acrobatic skills to jump from snow mound to snow mound.
While surfaces are icy, subway service has been interrupted, states of emergency have been declared and people are cold, has the wintry mix impacted the business of real estate in New York City?
Commercial Observer checked in with some real estate folks to find out.
Year end leasing data unveiled this morning by the real estate services firm Cushman & Wakefield showed a host of impressive measures of the Manhattan office market: vacancy dropped, rents rose modestly and more space has been leased in over a decade.
Yet, in spite of the encouraging figures and what is clearly the strongest performance by the market since the recession, uncertainties loom.
“How do you think we fared last year financially?” Cushman & Wakefield New York Metro COO Joseph Harbert asked the brokers and executives assembled Wednesday morning for breakfast in the back room of Michael’s. “Up or down?”
The room was silent.
“Come on—some participation!” Mr. Harbert said.
Ken McCarthy, Cushman’s managing director of research, who Read More
First things first: Check out our awesome new offices!
So began real estate brokerage Cushman & Wakefield’s fourth-quarter breakfast on Tuesday, which in a marked break from tradition, took place in Cushman’s spiffy new offices on the seventh floor of Vornado’s 1290 Avenue of the Americas, rather than at Michael’s midtown eatery, where it’s been Read More
Ken McCarthy stood before an oversize floral arrangement in the glass-enclosed back room of Michael’s on Tuesday and said he feared becoming the next Doctor Doom. The head of New York research for Cushman & Wakefield was referring to legendary Salomon Brothers economist Henry Kaufman, who earned that moniker in the 1970s and 1980s by Read More
The Observer's John Koblin attended the Real Estate Board of New York's annual Most Ingenious Deal of the Year Awards on April 17. Here, John talks with (in order of appearance) Mary Ann Tighe of CB Richard Ellis, Paul Massey of Massey Knakal, Peter Riguardi of Jones Lang LaSalle, Joseph Harbert of Cushman & Read More
It sure is a good time to own real estate in Manhattan.
More than $13.6 billion in real-estate sales closed in the borough in the first quarter of 2007, with another $11 billion under contract. That puts the 2007 investment-sales market at a pace to whip last year’s $34 billion record.
The numbers were unveiled Read More
Up went the Manhattan commercial market in 2006, so much so that analysts now compare it to the boom year of 2000, one of the healthiest years ever for any American commercial market.
A new report from Cushman & Wakefield puts the Manhattan office vacancy rate at 6.7 percent at the end of Read More