New York City office
and retail Market Research

October 2014

October 2014 New York Commercial Real Estate Market Report

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New York Office Market Overview:

New York Office vacancies increased slightly in Midtown and Midtown South due to new construction at the Hudson Yards. As leases are signed at Hudson Yards, the firms relocating there are downsizing their amount of space they rent as they renting less office square feet per person. Downtown office vacancies continued to decline as demand remains robust.

New York Retail:

Prime New York retail is still red hot but Landlords are not achieving their lofty rents. As a result, prime retail locations remain vacant. If this trend continues, prime retail rents will decline. Non-prime retail locations demand remains soft and vacancies are increasing slightly.

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 9.6 % vacant to 9.0 % vacant
  • Total New York City Office vacancy decreased from 8.2 % vacant to 7.8 % vacant

NYC Commercial Real Estate Overview

The Manhattan office leasing had a busy summer, with strong demand from the tech sector that is increasingly in expansion mode in Midtown South and beyond. Manhattan Class A office space average asking price of $76.00?RSF, up 8.8% from $69.42 in August of 2013. The borough had an absorption of 1.2 million square feet, and overall availability tumbled below 35 million square feet for the first time since December 2008.
Although leasing in the New York City office market is much stronger than last year, There remain large blocks of vacant space in some of the largest New York buildings.

When looking for retail tenants, New York City's landlords are increasingly thinking creatively. Landlord prefer "quirkier", less predictable mix of retail tenants, one that can often bring more energy and vitality to the neighborhood, rather than the usual national chains, they are looking for "a. This trend comes as big landlords have millions of square feet of retail space available..

Manhattan is the most expensive market for commercial real estate, both in sales price per square foot and total dollars sold.

Soho, Tribeca , the Meatpacking District and now NoMad? The neighborhood north of Madison Square Park is now home for chic upscale shopping. But a tide of changing retail in the stretch along Broadway from 23rd to 30th streets is altering that notion.

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