Monthly Archives: February 2015

Tech, tourism lead post-recession job growth

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New York City Chart of the Week

PowerPoint Presentation

  • Once a growth engine for the city, Manhattan’s financial services sector shrank by 6.4 percent from 2007 to 2014. The sector’s share of overall leasing activity fell by 9.0 percentage points over the same period.
  • Though a small portion of overall jobs, the tech sector had the fastest employment
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Law Firms: Geographic Opportunity

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Video 3: Geographic Opportunity
Kenneth Siegel explores how a demographic shift has unlocked geographic opportunities for New York law firms—allowing decision makers to consider areas such as the West Side and Downtown, as opposed to more traditional submarkets like the Grand Central area.

U.S. law firms typically face more supply constrains than companies in nearly any other industry. Why? Law firms typically want offices in premium, Class A space in central locations—the… Read More

Midtown & Lower Manhattan experience increased vacancy in January

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Manhattan Office Outlook | February 2015

MMU_Feb2015JLL’s New York Research team has just released its February 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
Midtown Class A vacancy rose to 11.4… Read More

Law Firms: Evolving Space Standards

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JLL Video Series: Key trends for Law Firms in New York

Video 2: Evolving Space Standards
Kenneth Siegel explains how changing space standards are being employed by New York law firms as they look to use space more efficiently.

U.S. law firms typically face more supply constrains than companies in nearly any other industry. Why? Law firms typically want offices in premium, Class A space in central locations—the tightest segment of U.S. office… Read More

Is the Garment District losing its namesake tenants as TAMI moves in?

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JLL New York Chart of the Week

PowerPoint Presentation

  • The Garment District— historically home to the apparel and textile industry—has seen a rise in popularity with TAMI (technology, advertising, media and information) tenants in recent years.
  • Apparel and textile leasing activity declined 51.1 percent in 2014 following three years of steady growth.
  • The TAMI sector continues to grow its
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Vacancy rises in January as new blocks hit

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JLL New York Chart of the Week

PowerPoint Presentation

  • Midtown Class A vacancy climbed to 11.4 percent from 10.7 percent at year-end, with the addition of new product in the Penn Plaza/Garment District and returned space in the Plaza District.
  • Downtown Class A vacancy rose to 13.0 percent in January from 11.6 percent at year-end 2014. Trophy space
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Occupancy, Efficiency, Space

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JLL Video Series: Key trends for Law Firms in New York

U.S. law firms typically face more supply constrains than companies in nearly any other industry. Why? Law firms typically want offices in premium, Class A space in central locations—the tightest segment of U.S. office markets.

With fewer space options, your firm may find itself battling with competitors not only for clients—but for desired office location as well.

JLL New York is excited to… Read More

Tech sector accounted for 16.2% of Manhattan leasing activity in 2014

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JLL NYC Research: January Tech Monthly

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

Key takeaways from our January update include:

  • The tech sector accounted for 16.2 percent of Manhattan leasing activity in 2014, an increase of 4.9 percentage points year-over-year
  • NYC start-ups raised more than $5.0 billion in funding during 2014—a
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Midtown South records third consecutive year of double digit rent growth

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New York Chart of the Week

PowerPoint Presentation

 

  • The overall average starting rent in Midtown South has increased by 70.5 percent since its post-recession low in 2010.
  • Similarly, landlord concessions have risen as well. From 2011 to 2014, the average TI allowance more than doubled to $40.58 per square foot and free rent climbed from 4.9 to 6.7
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NYC unemployment rate at post-recession low

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NYC Office Employment Update: January 2015

Employment_blogJLL’s monthly office employment update covers key employment statistics and trends, and the subsequent implications for real estate.

Highlights from the January update include:

  • The city’s unemployment rate remained at 6.3 percent in December, a post-recession low.
  • NYC employment ended 2014 on a new high, reaching 4,102,000 payrolls in December.
  • Professional & business services led job growth, adding 30,700 jobs in
  • Read More