The Real Deal New York

Posts Tagged ‘joseph harbert’

  • From left: 11 Madison Avenue and Joseph Harbert

    11 Madison Avenue and Joseph Harbert

    More marquee financial companies are choosing to stay in their current office locations rather than upgrading to Manhattan’s much-trumpeted new towers, according to the latest data.

    Information collected by brokerage Newmark Grubb Knight Frank found that five of the six biggest New York leases since the end of 2012 have been renewals. [more]

  • Joe Harbert

    Joe Harbert

    The president of the Eastern Region of Colliers International is looking to nab top brokers from his former firm Cushman & Wakefield.

    Joe Harbert, who left Cushman in 2012 after eight years, wants to expand his team so Colliers can win big-ticket projects. “If you’re a 76-broker shop and you try to compete with a behemoth that has 187 or 246 brokers, you need to add brokers, and that’s one thing that we’re about to do,” he told the New York Times. [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]

  • From left: Michael Cohen, Robert Freedman and Joseph Harbert

    The private equity sector made the greatest moves in 2012’s Manhattan office trading market, while institutional investors had a rather quiet year, said executives at Colliers International during a luncheon held to discuss the firm’s 2013 forecast. Private equity firms—which include foreign investments— made 47 percent of total office purchases, representing an estimated $4.4 billion of the total $9.4 billion Manhattan market, executives said. In comparison, foreign and institutional investors were each responsible for 16 percent of total sales in the year. [more]

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  • Joseph Harbert

    Office leasing in Manhattan hit the brakes in the third quarter compared with the prior quarter, but was about equal to the same period one year ago, executives at commercial firm Colliers International said at a third quarter media briefing held this afternoon in Midtown.

    Tenants leased 6 million square feet of space in the three months ending this week, which was down about 19 percent from the second quarter, when 7.4 million square feet was leased. [more]

  • From left: Arthur Mirante of Avison, Joseph Harbert of Colliers International and Howard Lutnick of BGC Partners

    In the midst of several Cushman & Wakefield defections to commercial brokerages setting up shop here in New York, the market is beginning to look more competitive, Crain’s reported. The trend is a product of firms pursuing deals in New York City, where the real estate market remains far more active than it is in much of the rest of the country. [more]

  • Joseph Harbert

    Cushman & Wakefield COO Joseph Harbert has jumped ship for Colliers International, the Seattle-based brokerage looking to raise its New York City profile, Crain’s reported. Harbert will lead Colliers’ expansion into new sectors such as retail and capital markets, and serve as president of the Eastern region. The veteran broker had also previously worked for CBRE, Crain’s said. [more]

  • From left: Ken McCarthy, senior economist at Cushman & Wakefield and Joseph Harbert, COO at Cushman & Wakefield

    The information and media sectors took over for financial services as the most active sector in office leasing in Manhattan in the first quarter of 2012, according to Joseph Harbert, COO of Cushman & Wakefield. Harbert announced the trend at a Cushman commercial outlook breakfast this morning at Michael’s restaurant, off Fifth Avenue. [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]

  • Hints of weakness in the Manhattan office leasing market stuck out in a generally positive report on property conditions, provided this morning by executives of commercial services firm Cushman & Wakefield.

    Average asking rents were up overall and leasing velocity, although down sharply from last quarter, was still in the traditional range.

    “We are right now back to a normal market in terms of leasing velocity,” said Joseph Harbert, COO of Cushman’s New York office, at the quarterly media briefing in Midtown. “We had a great first quarter and we had a great second quarter. It is a healthy market.”

    Yet there were causes for concern. The vacancy rate for Midtown Class A properties rose by .1 points to 10.6 percent, and Harbert noted that in the last quarter there had been negative net absorption in some areas of Manhattan. … [more]

  • Asking rents for Manhattan office space remain muted even as tenants have
    inked deals for more space over the past six months than any time in more than
    a decade.
    For all types of Manhattan office buildings, average asking rents were up only
    2 percent in the second quarter of 2011 compared with the same period a year
    ago, or $1.21 per square foot to $55.52 per square foot, figures released by
    Cushman & Wakefield today at its quarterly media briefing in Midtown, show. … [more]

  • alternate text
    From left: 30 Rockefeller Center, a rendering of Four World Trade Center and the Empire State Building

    Manhattan’s commercial office market shows signs of a long-awaited
    rebound, as new leasing activity jumped to 7.6 million square feet during
    the first quarter of 2011, marking the highest figure since the third quarter of
    2006, according to data released today by Cushman & Wakefield.
    The improving market helped property sales more than double to $5.5
    billion from $2.3 billion in the year-ago quarter, while the office vacancy
    rate fell to 10 percent from 10.5 percent at the end of December. Leasing
    was up by 1.9 million square feet, or 34 percent higher than during first-
    quarter 2010.
    “On top of a very strong fourth quarter for new leasing activity, we’ve
    kicked off 2011 with even more momentum from pent up demand and
    decisive moves on the part of Manhattan businesses and organizations,”
    said Joseph Harbert, COO for Cushman & Wakefield’s New York Metro

  • Manhattan leasing hits four-year high

    January 11, 2011 10:22AM
    alternate text

    With asking rents still far below the peaks of 2008, Manhattan office tenants leased up new space at the fastest clip in over four years, a new report covering the fourth quarter from commercial services firm Cushman & Wakefield says. Businesses inked 7.5 million square feet of new office space in the fourth quarter, the most since the third quarter of 2006, and 50 percent higher than the 5 million square feet leased in final quarter of 2009. For the full year, commercial firms leased 26.3 million square feet, up 61 percent from 2009, when companies took 16.3 million square feet. … [more]

  • Joseph Harbert

    Segments of the commercial leasing market improved sharply in Manhattan in the second quarter of 2010,
    led by large office deals such as 11 Times Square and New York City’s
    largest retail lease ever at 666 Fift … [more]

  • New Manhattan office leasing volume in the first quarter reached its highest level in four years but the total vacancy rate continued to climb with the addition of new available space to the market, commercial firm Cushman & Wakefield reported in a first-quarter briefing this morning.

    There was 5.6 million square feet in new leases, which excludes renewals, in the first quarter of 2010, nearly doubling the 3.1 million square feet from the same period in 2009 and the best quarter since 5.9 million square feet was taken in the first three months of 2006, Cushman reported.

    With the addition of new space at 11 Times Square in Midtown and 85 Broad Street Downtown, the overall vacancy rate went up. The vacancy rate for Class A buildings in Midtown’s Times Square South submarket shot up to 27 percent last quarter from 14 percent in the fourth quarter of 2009 because of the addition of SJP Properties’s 1.1 million-square-foot 11 Times Square. … [more]

  • The long-expected return of unneeded office space to the Downtown market by large financial firms may push vacancy rates up by two-thirds, a Cushman & Wakefield expert in the market said today.

    Andrew Peretz, executive director at commercial services firm Cushman & Wakefield, predicted the vacancy rate, now at 9.6 percent Downtown, could reach 15.75 percent, a jump of 64 percent.

    That increase in the vacancy rate would drive down prices, he said.

    “I do think there will be a decrease in asking rents over the next two or three quarters,” Peretz said. He was speaking this morning at the firm’s fourth-quarter market briefing at the company’s Midtown headquarters.

    For Manhattan overall, the situation was not as bleak, although prices may not rise for more than a year and a half, Cushman & Wakefield COO Joseph Harbert said at the same event. … [more]

  • It is hard to believe that a person who I had considered one of the pessimists on the state of the office market, Barry Gosin, the president of Newmark Knight Frank, has become the optimist on the New York City office market.

    Last Friday, Barry appeared on CNBC, stating that he thinks that office rents have reached bottom.

    “We are calling a bottom,” he said. “Our view is that the rents have priced forward, that values have come down significantly, and that sometime this year, prices will start to turn.”

    Unfortunately, I would consider myself cautiously optimistic on the state of the office market and have therefore reached out to some other real estate leaders to provide me with their thoughts (read: more realistic) on the state of the market.

    Joseph Harbert, the COO of the New York metro region at Cushman & Wakefield, believes “we haven’t reached bottom, but further declines should be minimal — maybe another 5 percent to go.”

    Downtown, he said, “expect further rent declines as space comes to market. We have started to see some deals in the $20s [per square foot], although Class A office space is expected to remain above $30 a foot. In Midtown, Class A rents have experienced the greatest decline and are approaching a bottom in the next three to six months. So saying we are close to the bottom would be the most accurate way to put it.” … [more]

  • alternate text
    Cushman & Wakefield COO Joseph Harbert

    CB Richard Ellis executives gave a more positive view of Manhattan office leasing than uptown rival Cushman & Wakefield, during each firm’s third-quarter market breakfast briefing this week. Paul Amrich, executive vice president at CBRE, highlighted a decrease in tenant improvement contributions and a $0.06 decline in asking rents in Midtown, the smallest decline all year. “Historically when you see concessions start to level or go back that is a sign the market is starting to find the bottom,” he said at the firm’s Midtown office today. “The next move would be that rents find the bottom. The hope is that some time in 2010 we will see some slight growth.” In contrast, the day before, Cushman & Wakefield COO Joseph Harbert said despite an uptick in third-quarter leasing activity, 2009 would end up at about 16 million square feet leased, or about 10 million square feet below a “healthy” year. “Unfortunately, that would make us the weakest leasing year in about 13 years,” Harbert said. “There is no way to sugarcoat it.” … [more]

  • Manhattan’s overall office vacancy rate has reached a five-year high,
    according to Cushman & Wakefield’s third-quarter commercial real
    estate market report. Vacancies reached 11.1 percent by the end of
    third-quarter 2009, marking a 0.6 percent increase from a quarter
    earlier. The amount of space leased year-to-date totaled 11.3 million square
    feet, down 27.8 percent from the same time last year when leasing
    volume was 15.7 million square feet. This decline in leasing activity comes even as average asking rents
    dropped to $57.08 per square foot, a 5.2 percent decline from
    the second quarter. While sublease activity has been steadily increasing throughout the
    year, the third quarter saw a reduction in inventory to 11.1 million
    square feet from 11.4 million square feet in second-quarter 2009.
    Still, 12 of the 54 lease transactions totaling 50,000 square feet so
    far this year, as of the third quarter, were subleases. TRD[more]

  • Rents on some of the city’s most prestigious shopping corridors have fallen by nearly a third over the last year, second-quarter retail data from Cushman & Wakefield shows. The sharpest drop was seen on Madison Avenue from 57th to 72nd streets, where average asking rents for first-floor retail fell 31 percent in the second quarter of the year to $745 per square foot from $1,091 per square foot, the firm’s data shows. At the same time, the availability rate grew from 13.4 percent to 15.47 percent. While the rents in most of the six shopping districts covered in the survey declined, one area, Times Square from Eighth Avenue to Broadway and 42nd to 49th streets, saw an increase in average rents from last year. … [more]