Scorecard: Manhattan leasing

A roundup of news and data on the residential and commercial markets

New York /
Sep.September 22, 2015 04:30 PM

From the September issue: Retail tenants avoided the city’s priciest stretches in the past six months, instead striking deals in up-and-coming areas. Meanwhile, office leasing pulled back, following a spring surge.

Retail leasing along two of Manhattan’s most popular shopping strips, Broadway in Soho and Fifth Avenue between 49th and 60th streets, is at a near halt, according to The Real Deal’s analysis of CoStar Data. In the six months ended mid-August, there were no major leases signed on Fifth, where availability is limited, and just two on Broadway, where about a quarter of the space is available.“Leasing velocity on these great corridors has slowed dramatically, due to the disparity between rents that have soared and retail sales volumes that have plateaued,” said Jared Epstein, vice president at Aurora Capital Associates.

 

Office leasing, which hit nearly 4 million square feet during a 30-day period in the spring, is now at about half that, TRD’s review found. “I think we are in a little bit of a slowdown,” said Barbara Raskob, director of leasing at the Kaufman Organization.

 

Dirk Hrobsky, executive vice president at brokerage DTZ, said large lease signings are down year to date from 2014, but the number of office workers is rising. That bodes well for the fall. “The trend is our friend,” he said. “And the trend is moving in the right direction. Employment is going up.”

 

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Skylight Real Estate's Bennat Berger with 300 Grand Street (Skylight Real Estate, Street Easy, iStock)
Scarcity play: Hoboken apartments fetch $56M
Scarcity play: Hoboken apartments fetch $56M
From left: Bert H. Dweck and Joe Sitt with 790 Madison Avenue (
Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
U.S. home price growth slows for first time in five months
U.S. home price growth slows for first time in five months
From left: U.S. Assemblymember Thomas Suozzi, Governor of New York Kathy Hochul, and New York City Public Advocate Jumaane Williams (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Hochul challengers bang pro-tenant drum before primary election
Hochul challengers bang pro-tenant drum before primary election
IBM's Arvind Krishna and One Madison Avenue (IBM, One Madison Avenue, Illustration by Kevin Cifuentes for The Real Deal)
IBM CEO: Only 60% of office workers will ever return full-time
IBM CEO: Only 60% of office workers will ever return full-time
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...