market research

June 2013

June 2013 New York Commercial Real Estate Market Report

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Plaza District Class A office rents are back to 2008 highs. Two recent leases at the GM Boarding and 9 West 57th Street were at $200/RSF. There is a pocket in Midtown where rents have declined from their highs, this area is from 42nd to 47th Street Second Avenue to Sixth Avenue, where Tech and Media companies do not want to go to.

Prime retail rents on 5th Avenue, Madison Avenue and Times Square are at all time highs.

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 8.6 % vacant to 8.5 % vacant
  • Total New York City Office vacancy increased from 7.4 % vacant to 7.5 % vacant
The bulk of major retail corridors in Manhattan have seen as high as 55% annual jumps in average asking rents compared to the previous year.
Developers are planning nearly 15 million square feet of new office space in the Hudson Yards area in the 30s on the Far West Side. The new projects expected to rise over the next decade include the Related Companies
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