market research

May 2012

May 2012: Commercial Real Estate Market Report

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Two large leases kept the quarter out of the doldrums. Viacom, signed a 15-year renewal and expansion through 2031 which will ultimately give the company the entire 1.6 million-square-feet office portion at 1515 Broadway. Morgan Stanley signed the other major lease renewal-and-expansion at 1 New York Plaza for 1.1 million square feet.

These two deals significantly helped a slow three-month rental period in Manhattan which was still 1.2 million square feet less than normal for the quarter.

Small leases 1,000-5,000 RSF were very active. While Mid-size 6,000-50,000 RSF tenants remain cautious.

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 8.5 % vacant to 8.3 % vacant
  • Total New York City Office vacancy decreased from 7.3 % vacant to 7.2 % vacant

{dynamic_word1} Commercial Real Estate Overview

There were several large new subleases coming on the market, such as: Dewey & LeBoeuf, the massive law firm that is considering filing for bankruptcy, is looking to sublease up to 160,000 square feet of the firm's space at 1301 Sixth Avenue.

Pfizer recently put 274,000 square feet at 150 East 42nd Street up for sublet and JPMorgan & Chase is looking to unload 50,000 feet at 277 Park Avenue. In the interim Citigroup and Societe Generale have recently shed a combined 172,000 square feet and Nomura has cut 200,000 square feet from the 900,000 it originally agreed to take at Worldwide Plaza.
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