| |
Manhattan Real Estate News Archive for 2008  |
| |
December 2008
Rents drop and Landlords are nervous as more than 3.5 million square feet came back on the market, with negative absorption of 1.8 million square feet. Rents are likely to continue to fall as additional space continues to come back on the market in the coming months, from the recent layoffs in banks and former investment banks. |
| |
|
| |
|
| |
November 2008
Office vacancies in Manhattan dramatically increased by 2.26 million square feet in October. Increased vacancies will continue resulting from announced layoffs that will result in future vacancies as floors are restacked and vacated. As a direct result, Landlords are much more negotiable than previous months in both asking rents and free rent and work contributions. |
| |
|
| |
|
| |
|
| |
October 2008
Last month, nine hundred thousand square feet came back on the market with millions of square feet to follow as Lehman Brothers, AIG, Merryl Lynch put additional space back on the market. Asking rents are being reduced and landlord concession packages are increasing, yielding a 10 to 15% net effective rent reduction. |
| |
|
| |
|
| |
September 2008
Midtown office rents soften as Midtown office vacancies increase. Space has increased from 650,000 square feet over the previous month to over 13,000,000 square feet. As a result landlords are being more flexible. They are trimming asking rents and being more negotiable in build out concessions. |
| |
|
| |
|
| |
August 2008
Landlords react to the announced layoffs and pending space coming back to the market by lowering asking rents and increasing soft dollars to Tenants. |
| |
|
| |
|
| |
July 2008
Major blocks of office space coming back onto the market as wall street firms and banks lay off workers. |
| |
|
| |
|
| |
June 2008
Office vacancies continue to increase slowly, but will substantially increase due to the recent Wall Street and bank layoffs as the surplus of office space comes back to the market. In addition, Bank of America is moving to its new headquarters and will release or sublease its former occupied space. |
| |
|
| |
|
| |
May 2008
Last month, office vacancies increased in Midtown and Downtown due to the recent financial layoffs resulting in space being given back, as either direct or sublease space. As a result, Landlords’ are starting to drop rents. |
| |
|
| |
|
| |
April 2008
The office and retail markets are starting to cool from all time highs, as Banks and Investment Banks continue layoffs, 34,400 layoffs in the last six months. These financial firms are now releasing unused and expansion space back to the market which total more than 2.5 million square feet with more to follow. There are still a number of large users looking for space, but now there is more of a selection and as a result pricing and terms will improve. |
| |
|
| |
|
| |
March 2008
The Manhattan office market showed signs of a slowdown in the fourth quarter of 2007, as a streak of four straight quarters of positive absorption ended with 734,662 square feet of space going back on the market. |
| |
|
| |
|
| |
February 2008
Manhattan office rents have peaked at $225/RSF, making New York the 3rd most expensive office market in the world and highest in the United States. The recent bad news for Wall Street may mean reduced office and retail rents in Manhattan as the banks and investment banks sublease or vacate space. |
| |
|
| |
|
| |
January 2008
There are 9,072,684 RSF of office space under construction and more office space contemplated and many additional office buildings contemplated. The big question is which will Wall Street and hedge funds start will lay off and how much will they lay and whether the other firms will go back to buisness as usual? Stay tuned. |
| |
|
| |
New York Real Estate News Archive for 2007 |
|
| |
December 2007 --Demand for Manhattan office space exceeds the pace of new construction... |
|
| |
November 2007 -- Manhattan office and rental rates have stalled, at an all time high, as vacancy rates start to increase modestly... |
|
| |
October 2007 -- With Class A market vacancies in Midtown at 5.1%, (levels not seen since 2001), Landlords are competing... |
|
| |
September 2007 -- Tightening credit may mean the end of the acquisition frenzy and trouble for buyers of recent deals ... |
|
| |
August 2007 -- The office market is red hot with little space... |
|
| |
July 2007 -- Manhattan rents continue to increase while vacancies throughout Manhattan decrease... |
|
| |
June 2007 -- Retail and Office tenants are in for a rude surprise as the city assessments and lease escalations dramatically rise... |
|
| |
May 2007 -- Hot. Hot. Hot. As the temperatures rise, the market is heating up... |
|
| |
April 2007 -- Office and Retail Rental Rates in Manhattan continue to increase as they have in the past 21 months... |
|
| |
March 2007 -- Manhattan office rents increased rapidly, while vacancies in the Midtown, Midtown South and Downtown areas.. |
|
| |
February 2007 -- Midtown and Downtown Manhattan office rents continue to increase and Landlords are becoming more aggressive... |
|
| |
January 2007 -- Two of the largest building sales in Manhattan history occurred last month... |
|
| |
Manhattan Real Estate News Archive for 2006 |
|
| |
December 2006 -- The Manhattan office market continues to tighten... |
|
| |
November 2006 -- Now that numerous office leases are over $100/SF the economics are good to build new office product... |
|
| |
October 2006 -- The Metropolitan Transportation Authority has agreed to sell the air rights from the eastern yard to the City ... |
|
| |
September 2006 -- If you think the Manhattan commercial real estate market was tight before, think again... |
|
| |
August 2006 -- Manhattan office and retail rents are rising and should continue to rise over the next two years... |
|
| |
July 2006 -- Midtown Manhattan rents are near an all time high... |
|
| |
June 2006 -- Midtown Office space continues to tighten while Midtown South and Downtown vacancy increase... |
|
| |
May 2006 -- Office space continues to tighten in Midtown with no end in sight... |
|
| |
April 2006 -- Downtown rents have risen 10-20% over the last two months for Class B and C Buildings... |
|
| |
March 2006 -- Total office vacancies increase in Midtown and Downtown for the second straight month... |
|
| |
February 2006 -- This year, a record number of leases higher than $100 per square foot have been signed.. |
|
| |
January 2006 -- 2005 ended like it started, with office vacancy rates dropping to new lows, reaching under 6% in Midtown and ... |
|
| |
NYC Real Estate News Archive for 2005 |
|
| |
December 2005 -- The Manhattan office market continues to tighten to record low vacancies... |
|
| |
November 2005 -- The overall office market in Manhattan continues the long trend of tightening. |
|
| |
October 2005 -- Office rents in Midtown moderated as the office market cooled over the summer. |
|
| |
September 2005 -- Office rents in Midtown moderated as the office market cooled over the summer. |
|
| |
August 2005 -- The market continues to tighten as the employment continues to increase and demand is strong. |
|
| |
July 2005 -- Two more sports stadiums are announced ( Mets and Yankees) bring the total to four proposed stadiums in NYC. |
|
| |
June 2005 -- The market continues to tighten as new construction is delayed and existing space gets absorbed. |
|
| |
May 2005 -- The Consumer Price Index (CPI) rose 1.7 percent in the New York City area, the largest month-over-month increase... |
|
| |
April 2005 -- It was a busy month with an active Manhattan leasing market, New York building sales and the New York Jets... |
|
| |
March 2005 -- With an 8.6% vacancy rate and little new construction planned, the Midtown office market continues to tighten. |
|
| |
February 2005 -- Midtown and Soho Landlords continue to test the market to see how high they can raise their rents while... |
|
| |
January 2005 -- Landlords in the Plaza district have hopes of getting $100/RSF again with the General Motors building already there. |
|
| |
Manhattan Real Estate News Archive for 2004 |
|
| |
December 2004 -- Office vacancy declines as the local economy improves and NY unemployment declines to 6.1%. |
|
| |
November 2004 -- The Office Market continues to tighten with no new buildings until the 3rd quarter of 2005... |
|
| |
October 2004 -- Landlords are feeling upbeat based on the declining vacancy figures for class A office are down to 10.5% from 10.6%... |
|
| |
September 2004 -- Landlords are optimistic about rents rising and are slowly raising rents and decreasing concessions... |
|
| |
August 2004 -- The downtown markets slowly deteriorate as new buildings are built and additional spaces are vacated as companies... |
|
| |
July 2004 -- New York City's unemployment rate fell for a fourth consecutive month, dropping to 7%, as compared to a year earlier when... |
|
| |
June 2004 -- Downtown vacancy increased while Midtown and Midtown South vacancy remained largely unchanged. |
|
| |
May 2004 -- Class A Manhattan office rental market vacancies increased by 4.89% this month after declining for the past 5 months... |
|
| |
April 2004 -- Vacancy rates continue to decline, combined with strong demand, limited new construction and ... |
|
| |
March 2004 -- Class A New York Office rental market continues to tighten and rents start to rise as the economy recovers. |
|
| |
February 2004 -- Vacancy rates decrease in Midtown and Downtown as major space commitments are made. |
|
| |
January 2004 -- Rents are off their recent lows as landlord's expectations of future market conditions have begun to change... |
|
| |
New York City Real Estate News Archive for 2003 |
|
| |
December 2003 -- The Midtown, Midtown South and Downtown markets were relatively flat with minor tightening, as prices remained... |
|
| |
November 2003 -- The Total Manhattan Office lease market remained flat, with vacancies increasing slightly from 47.68 million RSF to... |
|
| |
October 2003 -- As Manhattan office, retail and industrial vacancies continue to decline, landlords are starting to decrease... |
|
| |
September 2003 -- The Buildings for Sale Market remains robust with no sign of letting up in the short term. |
|
| |
August 2003 -- Signs of economic recovery appear as Wall Street layoffs abate, low interest rates continue and threats of war... |
|
| |
July 2003 -- Several major corporations have relocated within Manhattan by signing large long-term leases... |
|
| |
June 2003 -- There are some signs of improvement in the commercial real estate market in Manhattan. |
|
| |
May 2003 -- Huge City and State budget deficits will pose two risks to the already fragile NYC economy. |
|
| |
April 2003 -- With the war in Iraq now in full bloom, apprehension over a prolonged conflict coupled with a lackluster economic outlook ... |
|
| |
March 2003 -- Prices continued to soften as major landlords offered further 10-15% price reductions. |
|
| |
February 2003 -- In the past 30 days, Manhattan vacant office space increased by 1.93 million Rentable Square Feet (RSF). |
|
| |
January 2003 -- Office vacancy rates continue their consecutive monthly decline in Manhattan as major firms make major long-term... |
|
| |
Manhattan Real Estate News Archive for 2002 |
|
| |
December 2002 -- Continued Wall Street layoffs and the new Federal White Paper requiring financial firms to be diversified... |
|
| |
November 2002 -- Midtown sublease prices in Class "A" (Fancy new building) buildings are amazingly low. |
|
| |
October 2002 -- Prices continue to drift downward as companies are holding off on finalizing leasing decisions. |
|
| |
September 2002 -- Prices continue to drift downward as more space comes on the market and companies are being cautious in... |
|
| |
August 2002 -- Commercial vacancies continue to mount as more space continues to come on the market. |
|
| |
July 2002 -- Prices continue to slide as the amount of vacant space continues to rise with rents now being 50% lower than a year ago. |
|
| |
June 2002 -- Effective rents of Downtown spaces with economic incentives are phenomenal deals. |
|
| |
May 2002 -- Phenomenal prices abound for commercial space throughout Manhattan. |
|
| |
April 2002 -- Market activity was up dramatically last month, after being subdued for three to four months. |
|
| |
March 2002 -- Market availabilities are relatively unchanged in past 30 days with prices drifting slightly downward. |
|
| |
February 2002 -- 3,500,000 feet in the most desirable office buildings and 4,500,000 feet of Class B and C office space have been... |
|
| |
January 2002 -- Rental prices continue to moderate with more free rent and work being offered. |
|
