Scorecard: Manhattan office leasing just keeps sliding

A monthly roundup of news and reports on the commercial market

TRD New York /
Nov.November 29, 2016 04:50 PM

From the November Issue: Office leasing in Downtown and Midtown South were off sharply in the past four months compared with the same period in 2015, an analysis of CoStar Group data by The Real Deal revealed.

Midtown, however, saw more office leasing activity during that time — led by big deals at Hudson Yards.

Midtown South leasing volume between the beginning of July and the end of October fell to 1.3 million square feet, from 2.1 million square feet, a decline of nearly 40 percent compared with the same period last year.

 

“The demand has softened because a lot of tenants are going to Long Island City,” Catherine O’Toole TRData LogoTINY, of Coldwell Banker Commercial Alliance, said.

Meanwhile, Downtown leasing fell by nearly 50 percent.

 

Midtown was the outlier, with several blockbuster leases, including Coach’s 694,000-square-foot lease at 10 Hudson Yards and Random House’s 631,025-square-foot lease renewal at 1745 Broadway.

 

Overall, office leasing in Manhattan during the four- month period fell by 12 percent, from 10.4 million square feet in 2015 to 9.1 million square feet in 2016. That decline in leasing volume has given tenants more leverage than in the past few years.

“We are at the inflection point right about now,” said Savills Studley’s David Carlos. “We see availability starting to grow.”


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Richard Branson and Brightline train (Getty, Virgin)

Brightline ends partnership with Virgin Trains in South Florida

Brightline ends partnership with Virgin Trains in South Florida
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
(Google Maps)

National retail chains paid 80% of July rent, a Covid high

National retail chains paid 80% of July rent, a Covid high
Dan GIlbert (Getty, iStock)

Mortgage mogul Dan Gilbert sees net worth quicken to $34B

Mortgage mogul Dan Gilbert sees net worth quicken to $34B
News Corp. chairman Rupert Murdoch (Murdoch by Dia Dipasupil/Getty Images; Pixabay)

Move Inc. revenues drop as Realtor.com traffic climbs

Move Inc. revenues drop as Realtor.com traffic climbs
arrow_forward_ios

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

Loading...