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Office:
Class A office space is in strong demand. Conversions and recent city approvals to permit conversion of office buildings to residential will remove a good portion of the vacant class B and C buildings.

Retail:
Retail is quiet and retail vacancies continue to come on the market. Continue to see retail rents fall until an alternate use is found. Reduced tourism has caused a loss of revenue not only to retail but hotels and restaurants.

Sales:
Obsolete office buildings are being sold and converted to residential or hotels, as the pricing of those office buildings dramatically lowers to residential conversions. Reduction in retail rents is causing retail property sales prices to plummet.

New York Market Overview

Office:

  1. Amazon leased 259,000 sq ft at 1440 Broadway.
  2. Verizon leased 203,000 sf at 2 Penn Plaza.
  3. Invesco signed a renewal lease at 225 Liberty Street for 200,000 sf
  4. Spectrum leases 200,000 sf at 59 Paidge Avenue for its warehouse space.
  5. Piper Sandler leased 140,000 square feet at 1301 Sixth Avenue.
  6. Latham & Watkins leases 120,000 sf at 1285 Sixth Avenue.
  7. Clear Street leases 88,000 sf at 4 World Trade Center.
  8. Paul Weiss Rifkind Wharton & Garrison signed a new sublease for 85,000 sf at 1345 Sixth Avenue, bringing its total footprint in the building up to almost 850,000 square feet.
  9. Beacon Mobility signed a lease for 83,000 sf at 2647 Stillwell Avenue.
  10. Sigma Computing signed a new lease for 64,000 sf at 1 Madison Avenue in the Flatiron.
  11. WeWork signed a lease for 60,000 sf at 250 Broadway.
  12. Steptoe signed a lease for 58,000 sf at 1133 Sixth Avenue.
  13. WeWork leased a 55,000 sf lease at 245 Fifth Avenue.
  14. L.E.K. Consulting signed a lease for 54,000 sf at 1166 Sixth Avenue.
  15. Adler & Stachenfeld rented 40,000 square feet at 1301 Sixth Avenue.
  16. Cloudflare signed a lease at 1 WTC office for 34,000 sf.


Retail:

  1. The Farmer's Dog signed a five-year lease for 58,000 square feet at 568 Broadway.
  2. Aldi leased 25,000 sf at 312 West 43rd Street.
  3. Avis Budget Group signed a lease for 21,400 RSF at 4075 Boston Road.
  4. Lidl signed a new 15-year lease for 20,700 sf at 155 East 31st Street in Kips Bay.
  5. Masaharu Morimoto leases 17,600 sf at 1255 Broadway from Montclair Hospitality Group.
  6. Gymshark signed a new lease for the entire 15,000 sf of the building at 11 Bond Street.
  7. Activate Games signed a lease for 14,800 sf at 24 Union Square East.
  8. Cocoon, a 13,900 sf, signed a new 12-year lease at 408 Columbus Avenue
  9. Mango signed a new 10-year lease for 13,000 sf at 1976 Broadway.
  10. Blinds To Go signed a 12,000 sf lease at 116 Seventh Avenue.
  11. Eternal signed a new 10-year lease for 12,000 sf at 525 West 26th Street in Chelsea.
  12. Oiji STK signed a lease for 10,500 sf at 295 Fifth Avenue.
  13. Mott Haven Discount signed a 15-year lease for 9,500 sf at 537 East 138th Street.


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