New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 9.3 % vacant to 9.0 % vacant
- Total New York City Office vacancy stayed at 7.9 % vacant
The prime New York Retail market is dead as tenants hold off to Landlord's demands for record rents. Retail demand is strong in up-and-coming areas.
New York office leasing volume was nearly half the previous month's rate of 4 million square feet. Large lease signings are down year to date, though the number of office workers has been rising.
TAMI tenants accounted for 47 percent of all relocations to the Financial District between 2011 through 2015, and are driving up demand for Class A office space.
Companies looking to spend between $60 and $70 per square foot on office space can choose between One World Trade Center and a host of Midtown buildings.
As rents rise, small and mid-size firms and nonprofits are choosing to buy their spaces. Average sales prices for office condos in Manhattan have climbed to $886 a square foot, an increase of 43 percent from 2012.
Midtown office values are at an all-time high and up 11 percent from the 2007 peak levels and values rose 12 percent year-over-year. Asking rents reached a seven-year peak of $69.35 per square foot in August, and 2.4 million square feet of space was leased in August.