The Real Deal New York

Category: Leasing

  • Peter Hennessy of Cassidy Turley

    Peter Hennessy

    In a reversal from last year, Midtown office leasing continues to improve, while the market to its immediate south continues to see vacancy rise, a market report released today by commercial brokerage Cassidy Turley shows.

    Vacancy in Midtown in November fell to 10.8 percent, down from 11.1 percent in the same month last year — the lowest rate Cassidy Turley has recorded since 2008. Average asking rents were $72 per square foot in Midtown, up 11.6 percent from $64.50 in the same period last year. [more]

  • Figures from Cassidy Turley

    Figures from Cassidy Turley

    Manhattan office leasing continued to recover in the third quarter, although some segments of the market began to stratify, per reports from leading commercial brokerages, released today.

    Class B rent increases outpaced those for Class A space, while the very high-end of the leasing market held strong – more than 50 leases with taking rents over $100 per square foot have now been signed in 2013, Cassidy Turley’s numbers show. [more]

  • From left: Richard Persichetti of Cassidy Turley and Midtown Manhattan

    From left: Richard Persichetti of Cassidy Turley and Midtown Manhattan

    The Manhattan office leasing market saw a surprisingly hot close to the summer. Vacancy in the borough now sits at 11.2 percent – the lowest since 2008, according to a monthly office market report from commercial brokerage Cassidy Turley, released today. [more]

  • From left: Manhattan and Colliers' president of the eastern region Joseph Harbert

    From left: Manhattan and Colliers’ president of the eastern region Joseph Harbert

    Despite the fact that large financial institutions continue to downsize, leasing is up in Manhattan’s priciest market, Midtown, due to increased demand from hedge funds and private equity firms, Colliers International’s commercial market report for the second quarter shows. [more]

  • The Plaza District and Sheldon Solow

    The Plaza District and Sheldon Solow

    From the July issue: Manhattan’s office leasing market bumped along in the first half of the year but got a bit of a boost from increases in the number and price per square foot of high-end deals concentrated in the Plaza District.

    Through late last month, 28 leasing deals with rents of $100 per square foot and above had been signed — the highest at roughly $200 per square foot. [more]

  • New York City

    New York City

    The Manhattan office market enjoyed 1.7 million square feet of positive absorption in the second quarter, wiping out the negative absorption from the first quarter, according to the latest office market report from Cassidy Turley.

    Overall leasing activity reached 17.1 million square feet in the first six months of the year, a 5.1 percent year-over-year increase. Class A asking rents dropped $0.48 per square foot to $69.32, while Class B asking rents continued to rise, up 5.5 percent since the first quarter to $50.78 per square foot. [more]

  • From the June issue: The national economy is humming along, but all the positive signs — a jump in home sales and prices, soaring consumer confidence and a new stock exchange record — have barely budged Manhattan’s office-leasing market. [more]

  • Midtown Manhattan

    From the May issue: Office-leasing brokers have been blaming Midtown’s lackluster activity on Sixth Avenue for some time. Yet it’s now becoming clear that the percentage of available space on several neighboring avenues is higher than it is on Sixth — and it’s rising.

    At the start of last month, the percent of available Class A office space along Sixth Avenue hit 12 percent. But the availability rate — which measures the amount of office space that’s available or will become available over the next 12 months — was even higher along Madison, Third and Fifth avenues. [more]

  • Peter Hennessy of Cassidy Turley and One New York Plaza

    Office leasing in Manhattan plummeted by as much as a third in 2012, as large companies pulled back from major deals. Brokers broadly blamed the decline on the climate of political and economic uncertainty this year. Preliminary figures for 2012 show office leasing activity declined by 33 percent to 26.8 million square feet this year — compared to 40.7 million square feet in 2011, data from commercial services firm Cassidy Turley show. [more]

  • Nowhere to go but up

    September 04, 2012 04:30PM

    From left: James Wacht of Lee & Associates and Bruce Mosler of Cushman & Wakefield

    From the September issue: Office leasing volume will almost certainly go up in September, brokers say, but that’s in part because of how far it dropped last month.

    Indeed, the level of office leasing nearly collapsed in August, as Manhattan tenants and landlords signed just 775,357 square feet of renewal and relocation leases — the lowest all year, preliminary data from commercial firm Cassidy Turley shows. That figure represents only about a quarter of the average monthly volume of 2.8 million square feet over the past five years. August’s tally was also less than half of the 1.8 million square feet leased in July. [more]

  • Midtown South lifts overall market

    June 05, 2012 10:30AM

    From the June issue: Midtown South has done the heavy lifting so far this year to bring down the availability rate in the Manhattan office market. Midtown and Downtown, on the other hand, have not performed as well.

    In fact, Midtown South — which has gotten a lot of attention lately because of its popularity with technology and media firms — has represented 73 percent of the positive office space absorption in Manhattan through the first four months of the year, commercial data firm Cassidy Turley reported. [more]

  • Office leasing drought breaks

    May 01, 2012 03:00PM

    From the May issue: Two big office deals — each for more than 1 million square feet — provided a statistical lift that ended an extremely slow three-month leasing stretch in Manhattan. Indeed, last month saw 4.9 million square feet of Manhattan office space leased, compared to 6.1 million square feet for all of January, February and March combined.

    Contributing to the uptick was media giant Viacom, which signed a 15-year renewal and lease expansion last month that runs through 2031. The move will ultimately give the company the entire 1.6 million-square-foot office portion of SL Green Realty’s 1515 Broadway. [more]

  • Tenants and landlords quietly added millions of square feet to the Midtown market, pushing up the amount of available space by a sizable 2.1 million square feet in the first quarter, figures from commercial firm CBRE Group released today reveal. The newly available blocks of space fueled the largest amount of negative net absorption since the second quarter of 2009 in the midst of the economic slowdown, an analysis of CBRE data by The Real Deal shows. [more]

  • John Sikaitis of Jones Lang LaSalle

    Thanks to poor performances in some of its largest cities, the United States office leasing market had a slow first quarter, according to a national office market report released today by Jones Lang LaSalle.

    Just about 1 million square feet of office space was absorbed nationwide in the first quarter, well below the 8.6 million square feet averaged over the previous six quarters. Net absorption fell by 2.2 million square feet in New York, Chicago and Washington D.C., with the latter recording 1.47 million square feet of negative absorption. Further, leasing activity in New York and Washington D.C. fell 43 percent quarter-over-quarter, the report says. [more]

  • From left: David Lebenstein, senior managing director at Cassidy Turley, and John Pavone, vice president at UGL

    In the first two months of 2012, 2.9 million square feet of commercial leasing activity was recorded in Manhattan, trailing the year-over-year numbers by 31 percent, according to numbers from CBRE Group’s Manhattan Marketview Snapshots, released today.

    February saw 190,000 square feet of negative absorption, although February’s 1.47 million square feet of total activity was a slight increase from January’s 1.44 million square feet. Asking rents in Manhattan rose negligibly, by $0.16 per square foot, to $54.40, the report says. [more]

  • (source: Jones Lang LaSalle)

    Buoyed by the city’s growing technology sector, Midtown South was the strong point in a Manhattan office market that stagnated in February, according to a report released today by Jones Lang LaSalle.

    After a brief respite from tightening conditions last month, the vacancy rate in Midtown South fell to 6.6 percent from 6.9 percent, as Class B space was in particular demand, with just 6.4 percent of the 48.6 million square feet of inventory. [more]

  • Graph provided by Alliance for Downtown New York

    Commercial office leasing in Lower Manhattan totaled 5.86 million square feet in 2011, an 80 percent increase over 2010, according to a report by the Alliance for Downtown New York.

    Thirteen of the top 20 leases for the year were for over 100,000 square feet, the Alliance said, while total office vacancy for the area ended the year at 9.5 percent, down from 9.9 percent in the second quarter of 2011 and 11.5 percent in the last quarter of 2010. Meanwhile, according to data from Cushman & Wakefield, Lower Manhattan also maintained its ranking as the business district with the third-lowest vacancy rate in the nation. [more]

  • Asking rents in the Manhattan office leasing market continued to rise in January while vacancy rates tightened, even as total activity appeared to slow from last year’s overall brisk pace, data from commercial services firm Cassidy Turley shows.

    “It certainly seems slower than normal, but some major deals were done,” Robert Sammons, vice president for research at Cassidy Turley, said. [more]

  • From left: Marc Packman of Trinity Real Estate and 200 Hudson Street

    Midtown South, which already has the lowest vacancy rate of any market in the country for office space, is nurturing a hub for New York City’s tenants du jour — the creative class — and the rents look almost pre-recession there.

    The Hudson Square submarket — which runs from Canal to 14th streets, and from Sixth Avenue to the Hudson River — saw the largest decline in vacancy rate and the biggest spike in asking rents of any neighborhood in Midtown South year-over-year, according to Cushman & Wakefield’s fourth-quarter numbers, unveiled at a media breakfast yesterday. [more]

  • Manhattan office leasing activity hit its highest level since 2000, with tenants signing new deals for more than 30 million square feet, executives at commercial firm Cushman & Wakefield said this morning at the company’s quarterly media briefing in Midtown.

    Only four months ago, as the velocity of office leasing slowed in the third quarter, there were “warning signs,” that the market, while healthy, might weaken, said  Joseph Harbert, COO of Cushman’s New York metro region, during the third-quarter market briefing. But instead, it improved in the fourth quarter. [more]