Monthly Archives: December 2014

Manhattan Class B vacancy lowest since 2007

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New York Chart of the Week: December 18, 2014

PowerPoint Presentation

  • The demand for Class B space has increased as value options elsewhere, including Midtown South and Penn Plaza, have diminished.
  • The average Class B taking rent has increased 12.7 percent year-over-year to $53.66 as overall vacancy nears a pre-recession low at 8.4 percent.
  • For the first time post-2007, Midtown South leads
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Midtown (A) will finish year at lowest vacancy rate since 2008

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New York Chart of the Week: December 8, 2014

PowerPoint Presentation

  • Both New York County (Manhattan) unemployment and Midtown Class A vacancy are at the lowest level since 2008.
  • The short-term increase in the unemployment rate (2011-2012) was a precursor to the rise in vacancy.
  • The rates could diverge in early 2015 as unemployment continues to fall while a handful of large
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Tech employers remain keen on hiring

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JLL NYC Research: November Tech Monthly

High-tech_blogJLL’s Tech Monthly considers activity in New York’s tech sector, including employment growth, leasing activity, venture capital funding and companies hiring.

Key takeaways from our November update include:

  • Employers remain keen on hiring as the number of open positions in the tech ecosystem increased in October to 2,800 jobs from 2,546 the previous month
  • Mozido, the mobile payments startup, closed the largest venture capital round, securing
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JLL Selected by Brooklyn Navy Yard to Lease Building 77 on Brooklyn Waterfront

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JLL will be leasing agent for the upper floors of the extraordinary 16-floor, 1 MSF building undergoing redevelopment for industrial, research and development uses

JLL has been selected by the Brooklyn Navy Yard Development Corp. as the leasing agent for Building 77, a 1 million-square-foot building located on Flushing Avenue in the Brooklyn Navy Yard between Brooklyn’s DUMBO and Williamsburg neighborhoods. JLL will provide marketing and transaction services for the 16-story facility, which is currently undergoing a complete retrofit to accommodate industrial, research and technology uses.

The building, originally constructed as a warehouse that also housed offices for the U.S. Navy Central Command, offers 80,000-square-foot floorplates and extraordinary, unobstructed views of Manhattan, the East River, and Brooklyn waterfront. An anchor tenant will have the ability to incorporate a 20,000-square-foot roof deck with 360-degree panoramic views for its exclusive tenant use.

On November 17, New York Mayor Bill de Blasio announced a $140 million investment to transform Building 77 into a modern facility, anticipated to generate more than 3,000 jobs. The investment by the city, the BNYDC, and the Brooklyn Borough president and City Council, will be used to renovate and reposition the currently vacant industrial building. The renovation program significantly expands upon a larger initiative begun under the previous administration, now doubling the overall number of jobs at the site. It is anticipated that, when completed, Building 77 alone will increase overall employment at the Navy Yard by more than 40 percent.

The comprehensive redevelopment of the building is now underway with delivery for tenant fit-out anticipated by third-quarter 2016. The building will feature a new exterior and new window wall system, and it will be outfitted with fully modernized systems, state-of-the-art information technology systems, and redundant power and building services. The renovation will also feature new, double-height entrances and lobbies at both the north side of the building within the Navy Yard and at the south side of the building on Flushing Avenue. The building’s large floorplates will enable prospective tenants to create highly efficient and customized layouts.

JLL will focus on the upper floors of Building 77. The JLL team handling the leasing assignment includes Michael Shenot and Paul Mas, managing directors; Michael Berg, Edward DiTolla and Ruby Hwang, senior vice presidents; and Darren Ferguson, associate. The JLL team will work closely with the Brooklyn Navy Yard leasing team.

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Growing loss factors magnify Manhattan occupancy costs

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Chart of the Week: December 1, 2014

PowerPoint Presentation

  • Increasing loss factors—the difference between occupied space and the amount of space tenants pay for—has resulted in higher occupancy costs over time.
  • Tenants can end up paying more money for the same, and sometimes less, occupied space, even with base rent discounts.
  • The Manhattan office inventory has increased approximately 10 percent from 2000
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Meet JLL retail experts at ICSC next week

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ICSC – where retail and real estate meet

ICSCAnyone who is anyone in retail will be attending the ICSC National Deal Making Conference in New York from Monday December 8 – Tuesday December 9.

Join JLL retail experts in our private meeting space for giveaways and insights into the world’s best retail market.

Stop by the JLL Retail Booth from 8:30AM
Hall… Read More