New York Market Overview
- Total Manhattan Class A Office vacancies stayed at 9.8 % vacant
- Total New York City Office vacancy increased from 8.3 % vacant to 8.4 % vacant
Office leasing in Midtown rebounded in February, as employment growth surpassed the 2007 pre-recession peak, and drove demand up and pushed up asking rents.
The criteria that office tenants value the most make up the two most basic variables for space in Manhattan, location and the vintage of the building, is undergoing a sea change, creating unpredictable results in pricing.
The Meatpacking District area appears to be undergoing a dramatic makeover. One that involves the construction of a number of sleek office towers. In turn, those new structures are attracting a whole new breed of upscale retail tenants into the area.
Nonprofit and public sector leases boomed in 2013, more than doubling the amount of space taken by the two sectors since 2011. More than 5.7 million square feet were leased by the two sectors in 2013, up 36 percent from 2012.
A new business incubator for startup biotech ventures is slated for the Harlem area.
The arrival of a trendy retailer may signal changing prospects for Lexington Avenue in the 80s.
Tech and social media office leasing grew in 2013, with the top five Manhattan deals for social media adding up to more than 400,000 square feet.
While international buyers have emerged as potential clients when developers are conceiving of a new project, New Yorkers remain the primary demographic.
Greene Street was once an affordable alternative to Soho retail streets such as West Broadway, Spring and Prince Streets but is now becoming a high-end destination in its own right.
A flurry of activity along Fifth Avenue’s prime retail stretch has a wave of newcomers moving into prime locales, while longtime mainstays revamp flagship stores or move into their own new digs.