Manhattan Office

The Manhattan office market is much tighter than people realize. The existing Manhattan office stock has grown 12.33% over the past ten years without any new space being added. The full floor loss factor that Landlords apply to measure their office space has increased from 18% to 27% for a full floor over the past ten years. To make matters worse, Manhattan office buildings continue to be converted into residential or hotel use at a much faster pace than new office buildings are being built. For Example, 1 Wall Street a 1.1 Million Square foot office building and 180 Water Street, a 500,000 office building were announced to be converted into residential. The countervailing trend is that firms are being much more efficient with their allocation of office space per employee. Shared space and executive office suites such as WeWorks and Regus are now the norm. When major corporations move or re-stack, they are taking 30% less space.

Manhattan Retail.

Activity remains brisk as Manhattan tourism reached an all-time high of 56,000,000 visitors last year. With the opening of the Fulton Street transit station and the near completion of leasing for the Calatrava's designed World Trade Center Transportation hub, the Downtown retail market is going to bloom.