market research

December 2014

December 2014 New York Commercial Real Estate Market Report

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1 Wall Street (1.100,000 Square feet) is the latest large office building in Manhattan to be converted to residential. In the last few years, more than 10 million square feet of office/commercial space has been or is planned to be converted to residential or hotel use. This loss of office/commerical space in New York city is greater than the number of square feet created. As a result of constant office demand, with less office space supply, equals upward pressure on Manhattan office rents in the foreseeable future.

New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 8.8 % vacant to 9.1 % vacant
  • Total New York City Office vacancy increased from 7.7 % vacant to 7.9 % vacant

New York City Market Overview

Fifth Avenue in the 50's is now the world's most expensive streets to lease retail stores. The second most expensive retail space in New York City is Times Square.


Despite a slight office market slowdown throughout Manhattan within the last month, subleasing offices is on the rise.

The final taking office rents for the best spaces are at record rents in Midtown and Midtown South, and are near former peak rents in Lower Manhattan.

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