market research

August 2007

August 2007 New York Commercial Real Estate Market Report

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New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 5.4 % vacant to 5.7 % vacant
  • Total New York City Office vacancy increased from 5.3 % vacant to 5.4 % vacant
The office market is red hot with little space. Major Corporations are starting to announce relocations out of the city as prices in prime locations are over $100/RSF.

There are a number of new office building talked about being built space delivery is years away.

New York City New Construction:
A new, 1.5-million-square-foot office tower by the Extell Corporation at 34th Street and Eleventh Avenue is expected to begin in 2009 and completed in 2012.
Reisman Properties plans to build the first luxury hotel in Harlem, on Fifth Avenue from 125th to 126th streets.
According to the Neighborhood Economic Development Advocacy Project, more than 14,000 New York City homes will be in some stage of foreclosure by the end of this year.
Skanska USA Building has been selected to take on the preconstruction phase of The United Nation
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