Monthly Archives: July 2014

Sharp contrast between FIRE and TAMI in Manhattan markets…for now

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New York Chart of the Week: July 28, 2014

PowerPoint Presentation

* Includes 5,000+ square foot tenants

  • In Midtown South, TAMI (Tech, Advertising, Media & Information) tenants comprise 40.9 percent of space, while FIRE (Financial Services, Insurance & Real Estate) tenants occupy only 13.8 percent.
  • The opposite is true Downtown, where FIRE tenants make up 39.2 percent versus TAMI’s
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Q2 NY Office Outlook: Large block leasing activity drives vacancy lower as confidence increases

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Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible.

Office_reportJLL’s Q2 New York Office Outlook reported on conditions in the nation’s largest office market over the quarter and the year so far.

Report highlights are as follows:

  • The Manhattan office vacancy rate fell to 10.6 percent from 11.1 percent – its lowest level in two years – as a result of
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JLL marks a major milestone, promoting 378 Americas leaders to Director-level

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Promotees recognized for client service, integrity and teamwork.

JLL’s newly appointed directors exemplify the values that we as a company expect in our leaders, and the commitment our clients deserve from their partners.

Our new directors also represent:

Experience, accomplishment and involvement:

  • 62 percent have been with JLL for more than five years
  • More than 30 percent hold advanced degrees, including seven Ph.D.s
  • Over 30 percent are members of JLL’s Employee Resource Groups, which connect and empower women
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With few exceptions, NYC employment has consistently risen over the last year

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New York City total nonfarm employment continues to set new records in May

Slide 1JLL’s New York City Employment Update covers key employment statistics and trends, and the subsequent implications for real estate.

Highlights from the July update include:

  • New York City total nonfarm employment continued to set new records in May, edging upward to 4,036,500.
  • NYC private sector employment grew by 2.3 percent, or 77,700, year-over-year.
  • The
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Chart of the Week: Financial services sector continues to account for most leased space

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New York Chart of the Week: July 21, 2014

PowerPoint Presentation

  • A number of large leases enabled the financial services sector to solidify its place in the top spot in terms of leasing activity YTD.
  • Despite stagnant employment growth and increased regulation, the sector—long dominant in office leasing—captured almost one-third of YTD leasing activity compared with 21.7 percent
  • Read More

JLL New York welcomes Amanda Bokman

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Amanda Bokman joins JLL as a Managing Director and will provide tenant representation services throughout the New York metropolitan area

Bokman_AmandaJLL has hired Amanda Bokman as a managing director in its New York office. She will be responsible for new business development and tenant representation services in the New York metropolitan area. Bokman will work closely… Read More

NYC’s tech sector continued on its usual growth trajectory in May

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Q2 tech leasing activity surpasses previous quarter

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The July issue of JLL’s NYC Tech Monthly reported that in May, tech employment increased by 5.8 percent year-over-year, again marking the largest industry growth among all major sectors. Month-over-month however, the sector experienced a decline, losing 600 jobs in May.

Other highlights of the report include:

New York office market posts lowest overall vacancy rates in two years

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Big deals by BNY Mellon, Time push down Lower Manhattan vacancy rates
Midtown South rents break record for 2nd consecutive quarter

NYCTenants signed a slew of deals for large blocks of space across Manhattan in the second quarter of 2014, a marked change from the steady stream of renewals the city recorded during the past two… Read More

Chart of the Week: Midtown Class A rental growth

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New York Chart of the Week: July 14, 2014

PowerPoint Presentation

  • Like the greater U.S. economy, recovery in the Manhattan office market has been slow but tangible—most recent quarters have seen lower vacancy and higher rents.
  • This is uncharacteristic of the Manhattan market, where rental spikes are a routine part of the cycle. Since 1995, the Midtown Class
  • Read More

Rapid growth in the energy industry creates ripple effect on office, multifamily and retail space

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Energy is among the fastest growing industries in the United States, expanding at two-and-a-half times the national average in the past five years, creating a positive ripple effect through the economy. In fact, according to Bruce Rutherford, JLL’s Global Energy Practice Lead, without energy, there’d be no economic growth in the United States.

With this growth comes both challenges and opportunities for energy companies, as well as real investors and developers. JLL’s 2014… Read More