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April 2008

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April 2008 New York Commercial Real Estate Market Report

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New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 5.3 % vacant to 5.2 % vacant
  • Total New York City Office vacancy decreased from 5.4 % vacant to 5.3 % vacant
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 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.

Developer Larry Silverstein seeks $12.3 billion in damages from the destruction of the World Trade Center. The $12.3 billion amount of the lawsuit had not been known until now and is by far the biggest of any litigant. The claims total about $23 billion. Silverstein is seeking $8.4 billion for the destroyed buildings, $100 million a year in rent to the Port Authority and $300 million a year in lost rental income, along with the cost of marketing and leasing the new buildings.
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