Scorecard: The leads are weak (and commercial brokers are nervous)

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

New York /
Feb.February 18, 2016 04:30 PM


From the February issue: Manhattan office and retail leasing got off to a tepid start in 2016, and brokers are now increasingly nervous about what’s ahead. Those nerves stem largely from global and political uncertainties that are making tenants cautious. Both office and retail leasing volume were down last month compared to the month-over-month and year-over- year figures. Office leasing activity was down about 1 million square feet from both December and January 2015.


“Things are slow and getting a little slower, until stuff sorts out,” said Joseph Thanhauser, chairman of the Manhattan- based Byrnam Wood. “There seems to be an increasing reluctance to make big commitments now in the presence of so much uncertainty.”


Meanwhile, insiders are expecting a more modest retail market this year, with some predicting a drop in tourism and others noting that tenants are jittery over high rents. Manhattan retail leasing ended 2015 on a high note, even as availability rates crept up. But January’s preliminary figures show a reversal of that leasing rush. The five submarkets with the highest availability saw their figures rise or stay at. Much of that, however, is at spaces where landlords are seeking higher rents. “They have the right to ask for increases in rents. And sometimes the tenants push back,” said Soozan Baxter, an independent retail advisor.

 

Related Articles

arrow_forward_ios
Proptech revolution grows as landlords turn to big data to manage properties
Proptech revolution grows as landlords turn to big data to manage properties
Proptech revolution grows as landlords turn to big data to manage properties
Lightstone Group CEO David Lichtenstein and 145 Bowery (Lightstone, Google Maps, Moxy Hotels)
Lightstone receives $130M construction loan for new Moxy hotel on LES
Lightstone receives $130M construction loan for new Moxy hotel on LES
34-20 Junction Blvd in Jackson Heights and Shorewood CEO S. Lawrence Davis (Google Maps, Shorewood)
Shorewood plans 227K-sq ft mixed-use project in Jackson Heights
Shorewood plans 227K-sq ft mixed-use project in Jackson Heights
Soho’s zoning madness, such as artists-only lofts and a ban on ground-floor retail, may finally change with a proposed rezoning.
The shopping district that banned retail: Soho’s incoherent zoning
The shopping district that banned retail: Soho’s incoherent zoning
What tenants pay at Aby Rosen’s 980 Madison Avenue
What tenants pay at Aby Rosen’s 980 Madison Avenue
What tenants pay at Aby Rosen’s 980 Madison Avenue
Slate founding partners Blair Welch and Brady Welch (Slate, iStock)
RE-focused investment firm Slate raises $600M for private-credit fund
RE-focused investment firm Slate raises $600M for private-credit fund
Scott Rechler, CEO of RXR Realty and The Real Deal's Amir Korangy
Coffee Talk: Scott Rechler on beating the pandemic
Coffee Talk: Scott Rechler on beating the pandemic
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
arrow_forward_ios

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

Loading...