Monthly Archives: August 2014

Is the Penn Plaza/Garment submarket becoming the new TAMI frontier?

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New York Chart of the Week: August 25, 2014

PowerPoint Presentation

  • The TAMI (tech, advertising, media, and information) sector has increasingly migrated to the Penn Plaza/Garment District—the sector’s office footprint in the submarket has grown to 21 percent from 14 percent in 2012.
  • Though the TAMI sector occupies 46 percent of the neighboring Chelsea submarket, the sector’s Penn Plaza/Garment footprint is
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Quiet! Please!

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Quiet worker_200pxThe below post originally appeared on JLL’s Green Blog, on August 20, 2014, and was authored by Bob Best, Energy and Sustainability Services.

Why aren’t open offices as productive as they could be?

The main culprit is noise.

Great article by Maria Konnikova in The New Yorker (1/7/14)

“In laboratory settings, noise has been repeatedly tied to reduced cognitive performance. The psychologist Nick Perham,

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SCORE! (Post) World Cup lessons for businesses

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Thoughts from Colin Dyer – JLL President & CEO, LinkedIn Influencer

Dyer, ColinThe below post was originally shared on LinkedIn by Colin Dyer, who suggested that as opposed to seeing the World Cup as a period of lost business productivity, it could instead be viewed as a month-long management seminar. And even though time has now passed since the German team were crowned champions, the lessons shared by Colin… Read More

Leasing activity declines sharply in August as summer doldrums take hold

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New York Chart of the week: August 18, 2014

PowerPoint Presentation

  • While summer is typically the slowest quarter of the year, leasing activity was brisk in both June and July.
  • August has seen a sharp decline in the number of lease comps recorded. At this rate we would reach 64 total, compared with 72 in August 2013 and 82 in August 2012.
  • The
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Every building tells a story

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And every project inspires a solution.

Pdsbook_blogJLL’s new interactive book, Every building tells a story, showcases the work of our Project and Development Services team, featuring highlights of JLL collaborations around the world.

We invite you to explore the book, which includes 56 of our top projects across seven industries, to see what’s trending design-wise and to gain insight into how the “perfect space” is created for clients.

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JLL’s Q3 Global Market Perspective

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Strengthening markets trigger real estate development cycle

Globe_blogJLL’s quarterly perspective reports that an abundance of equity, new capital formation and improving debt liquidity are supporting a robust global commercial real estate investment market. With the market on track to achieve the highest transaction volumes since 2007, JLL’s forecasts for full-year 2014 have been upgraded. In the occupational markets, most indicators… Read More

Manhattan Office Outlook | August 2014

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Midtown South experiences an uptick in July

ManhattanOO_Aug2014JLL recently released its Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets. Report highlights are as follows:

Midtown Manhattan
Though leasing activity in Midtown was light for July, the Midtown Class A vacancy rate decreased to 11.2 percent from 11.5 percent… Read More

FIRE tenants dominate Manhattan market, but smaller in size

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New York City Chart of the Week: August 11, 2014

PowerPoint Presentation

    • FIRE (Finance, Insurance, Real Estate) tenants currently seek smaller footprints relative to other sectors, likely due to fluid leasing activity at the top end of the market. These companies are the most active in the market (26.4 percent of total current demand) as economic conditions continue to improve
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Empire State Building cuts $7.5M in energy costs over three years with JLL’s help

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The Empire State Building (ESB) has surpassed the energy savings guaranteed through its innovative energy-efficiency program – developed by a team including JLL – for the third consecutive year.

This year, the iconic property beat its energy-efficiency guarantee by 15.9 percent, saving $2.8 million.

ESBOver the past three years, the program has generated a total of approximately $7.5 million in energy savings. These savings are the result of continued enhancement of the iconic building’s new systems and the addition of many new tenants occupying hundreds of thousands of square feet of office space retrofitted according to program guidelines.

In 2009, Empire State Realty Trust and the Clinton Climate Initiative Cities program, an aligned partner of the C40 Cities Climate Leadership Group, assembled a coalition of leading organizations focused on energy efficiency and sustainability. The team, comprised of the ESB, JLL, Johnson Controls (JCI), and Rocky Mountain Institute (RMI), developed the now-implemented ESB energy-efficiency program, designed to reduce costs, increase real estate value and protect the environment. The comprehensive retrofit was launched by the ESB, President Bill Clinton and Mayor Michael Bloomberg in the same year.

In 2011, the ESB beat its year-one energy-efficiency guarantee by 5 percent, saving $2.4 million. In year two, the iconic property surpassed its guarantee by nearly 4 percent, saving $2.3 million.

“The Empire State Building retrofit project has dramatically exceeded projected energy savings for the third straight year, reducing costs by millions of dollars,” said Anthony E. Malkin, Empire State Realty Trust Chairman, President and CEO.

“As we continue our energy efficient installations for incoming tenants, we are confident we will meet and exceed our completed project goal of saving $4.4 million dollars each year. As for now, we are ahead of our projections and that means more savings and more returns on our investments to date.”

President Bill Clinton also commented on the success of the program.

“Five years into the retrofit of the Empire State Building, we have seen carbon emission reductions and cost savings that show this is a model for the rest of the country,” said President Clinton.

“Not only do investments like this help protect the environment and put people back to work, they pay for the cost of the improvements and generate additional savings into the future.”

The retrofit project focused on eight innovative improvement measures addressing core building infrastructure, common spaces and tenant suites. Improvement measures performed by JCI and JLL included the refurbishment of all 6,514 windows, installation of insulation behind all radiators, a chiller plant retrofit, new building management systems controls, new revenue-grade meters serving the entire building, and a web-based tenant energy management system.

The core base building retrofit is complete, with the balance of the project to be finished as new tenants build out high-performance workspaces. Once all tenant spaces are upgraded, the building is expected to save at least $4.4 million a year, at least a 38 percent reduction of energy use.

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JLL’s Cynthia Wasserberger & Dana Schneider recognized by Bisnow as NYC Power Women

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Wasserberger and Schneider honored in group of 50 women who have shaped New York City

JLL Managing Director, Cynthia Wasserberger, and Senior Vice President, Dana Schneider, were recently featured in Bisnow’s “New York Power Women 2014” email series, which profiled 50 women Bisnow considers to have impacted New York City’s built environment. These hard-working, high-achieving NYC commercial real estate power women are set to be honored in person at a Bisnow event to be held… Read More