New York City office
and retail Market Research

June 2014

June 2014 New York Commercial Real Estate Market Report

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Office Manhattan
Office leasing in Downtown Manhattan and Midtown South Manhattan remain strong with office vacancies continuing to decline.
Midtown Manhattan office remains soft with a small increase in available vacancies. Although, top office Plaza properties rents are near record high for office rents.

Retail Manhattan
Strong retail demand continues for top locations with pricing continuing at near record high levels. A recent lease on Union Square was an all time high for that neighborhood. Second tier retail locations pricing is coming down as landlords are tired of holding out for top dollar. Time and vacany cure landlords wish to hold out for top dollar rents.

New York Market Overview

  • Total Manhattan Class A Office vacancies stayed at 10.0 % vacant
  • Total New York City Office vacancy stayed at 8.6 % vacant
While buyers from the world’s most populous country are flocking to the New York City real estate market, Chinese developers are increasingly getting into the game.

The already low availability rate of Downtown office space is likely to drop even more, as a number of pending leases could take up roughly 2 million square feet before the end of the year.

Some of Manhattan’s most popular shopping districts such as Madison Avenue, Times Square and Upper Fifth Avenue are seeing record ground floor asking rents even as prices fall on the Upper East and Upper West sides.

The Manhattan market’s ongoing recovery slowed in April, as the overall ability rate rose, with roomy Midtown South offerings hitting the market.

Rental rates in Manhattan’s choicest office buildings are on the rise, with asking rents nearing pre-recession highs from 2007 and 2008.

The office-leasing market in Manhattan remained strong last month, with the average asking rents rising in all submarkets, even as the availability rate ticked up in Midtown South as landlords made several large blocks available. Those included the Kaufman Organization listing the first of four former F.M. Ring Associates properties.
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