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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.

New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 9.4 % vacant to 9.9 % vacant
  • Total New York City Office vacancy increased from 8.0 % vacant to 8.2 % vacant

Manhattan's East Side office submarket had lower asking rents, while prices in Hudson Square rose dramatically after the rezoning.

New office leases rose to 63% from 55% year from the previous year to year based on square footage leased.

Mayor Bill de Blasio is seeking to raise taxes on virtual retailers that do business in New York but have no physical presence in the city.

A continued surge in TAMI technology, advertising and media sector coupled with modest growth in the financial sector resulted in large amount of leasing and demand at its highest in nine years.

The Manhattan commercial investment sales market had 5,197 properties trading sold over, beating the previous record of 5,018 in 2007.
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