Scorecard: Q3 office leasing down from 2014 levels

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

New York /
Nov.November 23, 2015 04:30 PM
 

Office leasing slowed in the third quarter, but asking rents continued rising in Manhattan, Cushman & Wakefield figures showed. Total leasing volume was 21.9 million square feet through September, 10 percent lower than 2014’s first nine months. Manhattan’s average asking rent rose 6.6 percent to $71.02 per square foot last quarter, from $66.62 a year ago.


“The market had 24 months of phenomenal activity,” said Joseph Genovesi, executive managing director at Savills Studley. “I don’t know if it will soften, [but] it is leveling off.” Office leasing in Downtown Brooklyn also slowed, partly due to tight supply.

Developers plan several million square feet of office projects, but they’re years away. “When people say there is more space on the market, the first question to ask is: ‘When?’” said Richard Warshauer, senior managing director at Colliers International. The total amount of Brooklyn space leased through September, just over 460,000 square feet, was less than half the 1 million square feet in all of 2012.

Asking rents were $43.79 per square foot last quarter, up from $41.59 in the second quarter, Newmark Grubb Knight Frank reported. Some firms are landing big deals. Kushner Companies and RFR Realty leased more than 120,000 square feet so far this year in two Dumbo buildings, nabbing tenants like co- working company WeWork and design firm Frog.

 

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
Housing construction in the Bay area (iStock)
California falling short in creating affordable housing, new ‘report card’ shows
California falling short in creating affordable housing, new ‘report card’ shows
Sam Nazarian (Getty, iStock)
Coachella resort fraudster duped Sam Nazarian
Coachella resort fraudster duped Sam Nazarian
KPF's A. Eugene Kohn and 11 West 42nd Street (Google Maps, KPF)
KPF expands at Tishman Speyer building after sweetener
KPF expands at Tishman Speyer building after sweetener
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Tishman Speyer CEO Rob Speyer, Turner Construction CEO Peter Davoren and The Spiral at 66 Hudson Boulevard (Getty, Turner Construction, Tishman Speyer)
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
arrow_forward_ios

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

Loading...