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.