New York Market Overview
- Total Manhattan Class A Office vacancies increased from 11.3 % vacant to 11.5 % vacant
- Total New York City Office vacancy increased from 7.9 % vacant to 8.0 % vacant
Manhattan Office:
Total Manhattan Office Market vacancy increased from 36.46 million RSF to 37.14 million RSF. There was 2.7 million square feet leased during the first 2 quarters.The technology, advertising, media and information (TAMI) sector rented 36% of the space, finance, insurance and real estate (FIRE) sector, with 18% and Flexible office space 7% .
The downtown manhattan office leased 1.9 million square feet leased in 2018’s second quarter. Availability rate downtown was 14.2% up from 11.3% in early 2017. 3 WTC is 38% leased.
Total Manhattan Class A Office vacancies increased from 11.3 % vacant to 11.5 % vacant
Manhattan Retail:
Retail is getting worse. A recent survey of Manhattan found that 20% of storefronts were vacant, compared with 7% vacancy in 2016 results. There were 188 empty stores along Broadway that were vacant.There were 13 short-term retail leases in Manhattan in 2016 but by 2017 that figure had more than quadrupled to 53 deals. And 2018 is keeping pace with last year, with 28 short-term deals signed through the second quarter. Times Square retail has remained resilient. Vacancy rates fell to 15.6% in the second quarter from 22% in 2016.
The area along 34th Street between Fifth and Seventh avenues had a retail availability rate of 32.8%, the highest rate among the 11 different districts in Manhattan. Retail asking rents had declined by 12.3% from a year earlier to $635 per square foot.
