market research

March 2013

March 2013 New York Commercial Real Estate Market Report

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Manhattan office vacancies increased in February. Companies who had temporary relocated from Sandy's damage have returned. New construction is underway and large corporations are taking less space upon relocation as they are being more efficient in their space planning. The result is increased vacancies over the next few years. Expansions in Education and Technology firms will help reduce the new supply of office space.

New York Market Overview

  • Total Manhattan Class A Office vacancies stayed at 8.7 % vacant
  • Total New York City Office vacancy increased from 7.3 % vacant to 7.4 % vacant
Dollar volume of Brooklyn investment sales increased by 106 percent in 2012 compared to the previous year, to a total of $4 billion. There were a total 586 Brooklyn investment sales transactions in 2012, a 51 percent increase year-over year. There were 388 total deals in 2011.Four months after Hurricane Sandy devastated areas of Lower Manhattan, the vast majority of the area below Chambers street is back in business. Nearly 99 percent of Lower Manhattan's commercial office space and residential inventory is now open. Nearly 96 percent of hotel inventory and 90 percent of retailers have reopened.

Twenty firms, mostly in the technology field, have submitted proposals to open offices in Lower Manhattan, in a move that could transform the cultural makeup of the neighborhood. The city, in an attempt to encourage tech migration to the Sandy-ravaged neighborhood, will announce the 20 finalists who will receive grants from $10,000 to $250,000 to establish a presence there.
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