market research

March 2015

March 2015 New York Commercial Real Estate Market Report

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Strong Manhattan office demand resulted in 1.03 million RSF net absorption and decreased vacancies in all New York office markets, except Midtown South where a new building was recently completed. Manhattan retail leasing remains strong. Lower Manhattan retail is especially doing well with reopening of the Fulton Center subway hub. Major retailers are opening new locations nearby...

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 9.9 % vacant to 9.5 % vacant
  • Total New York City Office vacancy decreased from 8.2 % vacant to 8.0 % vacant
The Lower Manhattan's commercial market had its best year on record since the financial crisis.

Manhattan will have at least additional 9.5 million square feet of available office space on the market by 2018.

Shopping on Lower Broadwayis blooming after years of neglect, as a resulting of new retailers coming to the area: Gap,Zara andUrban Outfitters. Nobu,will be moving to 195 Broadwayby 2017.

Real estate investment trusts are among the most aggressive players in the New York market for trophy properties buying some of New York City's priciest properties, including the $778 million acquisition of 338 Greenwich Street, occupied by Citigroup, and the $800 million purchase of a portion of the World Trade Center's retail.

Brooklyn had 6 of the top 10 biggest real estate applications filed in the first month 2015. The Bronx appears once and Queens has two projects. Manhattan only had one with a residential building on Avenue D that L+M Development is constructing at 79 Avenue D.
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