There were some mega commercial deals in 2012, coming mostly from the usual suspects — Viacom, Morgan Stanley, Microsoft — but these massive leasing deals account for only 3 percent of leasing activity in a given year. The vast majority of leasing activity in 2012 and during the four years prior were for spaces under 20,000 square feet, according to the New York Observer. Deals ranging from 1,000 to 20,000 square feet represented a whopping 82.6 percent of the deals signed over the past five years. And as tenants — especially tech tenants — increasing value smaller and higher… [more]
Posts Tagged ‘Leasing Activity’
From the November issue: In a stark reminder that large tenants have retreated, the amount of available office space is piling up on a stretch of Sixth Avenue that is home to many of the city’s premier office addresses.
Last month, Manhattan landlords and tenants listed another 384,000 square feet in six buildings located between 41st and 55th streets on Sixth Avenue, a survey of commercial data website CoStar Group showed. [more]
From the October issue: It’s well-documented that Midtown South has become New York’s hub of new technology and media. But with available office space in the area growing scarce, tech activity is moving north, causing some to predict that the traditionally stodgy Midtown market could become (at least a little) hip. Midtown South has outperformed other Manhattan markets over the past two years, with the sharpest rise in asking rents and the steepest decline in availability. That’s driving some tech tenants to consider lower-priced, postwar office buildings in Midtown. [more]
From the 2011 Data Book: The New York City commercial market mounted a comeback in 2010, which might not have been
that difficult considering that 2009 was such a dreadful year for real estate.
Most notably, the amount of deals taking place increased compared with the year before. Prices, while better than 2009
in some sectors, were still way below peak prices seen during the boom, however.
Still, 2010 was a step in the right direction, and Manhattan did much better than other markets nationwide. TRD… [more]
The volume of square feet leased in Manhattan fell for the first time since the beginning of 2009, as tenants pulled back from historically high levels of deal making, yet the amount in the third quarter remained above average, a new report from commercial firm Studley shows. Large deals such as the renewal by advertising group BBDO Worldwide at 1285 Sixth Avenue and the new lease by German financial services company Allianz Global Investors at 1633 Broadway kept the activity relatively strong. Yet total leasing, including both relocations and renewals, totaled 8 million square feet, a 16 percent drop from the 9.6 million square feet in the second quarter of 2010, Studley reported. That was the first decline for Manhattan in a year and a half…. [more]
The Brooklyn Navy Yard is turning out to be a hot ticket for small businesses. Seven new leases were signed at the Fort Greene spot, which is currently undergoing a $16.5 million restoration project for some of its structures, including Building 92 at 63 Flushing Avenue. Atair Aerospace, an engineering research and development company, and a green custom furniture designer are among the 38 businesses that have signed leases at the yard so far this year. Inexpensive rent, which Brownstoner estimates is around $10 cheaper per square foot than comparable space in nearby Dumbo, is named as a key reason for the high leasing activity.