The Manhattan Class A average asking rent took a step back in February, closing the month at $64.59 per square foot, down from $65.06 per square foot in January. It’s way too early to look at this as a trend. Likely, it is an anomaly as some higher priced availability across Midtown was leased and not included in the latest numbers. Read More
While leasing activity for much of New York City in the past few months has been more lackluster than blockbuster, a sizable chunk of available space –sizable in the, say, 6 million square foot range– is on the cusp of hitting the market, The Wall Street Journal reports.
New developments like 1 World Trade Center, 4 World Trade Center, and Edward Minskoff’s 51 Astor Place, are all slated to hit the market in 2013. The last time NYC had this much new space becoming available was in 1989, said Cassidy Turley’s Robert Sammons. Read More
Manhattan overall sublet availability took a nosedive in January to 8,880,280 square feet from 9,795,469 square feet in December. It has now fallen to its lowest figure since the 8,623,604 square feet recorded in August 2008—in other words, since just one month prior to the Lehman Brothers collapse of September 2008. At that time, financial services firms (and other industries) had already begun to dump large blocks of sublet space on the market. Read More
The number of Manhattan buildings with at least 100,000 square feet of (potential) availability (contiguous or noncontiguous) has climbed over the past year to 82 from 77, though it is down from 84 two years ago. The figures quoted are a catch-all including space currently vacant, known to have a tenant moving out or that is new construction with a completion date.
As the members of REBNY gather together this week, many will congratulate themselves on a fine year for leasing activity, despite the difficult global economy and the Beltway disaster otherwise known as the U.S. Congress.
All things considered, it was a decent year “leasing-wise” with activity from a wide variety of industries—even financial services, which seemed to always be teetering on the edge due to new regulations (still awaited) and mass layoffs (just beginning). Read More
Office jobs in New York City, defined as jobs in the professional and business services, financial activities, and information industries, have increased by 21,200 through October of this year.
That’s the good news. 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
The full-block office tower set to rise at 51 Astor Place has closed on a construction loan valued at between $165 and $200 million with Bank of America, a source familiar with the project told The Commercial Observer earlier this afternoon. 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
