Category Archives: activity

High-tech tenants have catalyzed demand for Midtown South’s new product

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  • High-tech users have accounted for 53 percent of leasing in Midtown South new developments as tech firms have put talent attraction and retention at the forefront of real estate strategies. However, leasing has been led by non-traditional technology tenants. Mastercard signed a 212,500-square-foot at 150 Fifth Avenue for its
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Tenant improvement allowances increase across the United States

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Landlord provided Tenant Improvement Allowances (also known as TIs or TIAs) have recently experienced significant spikes throughout the United States, as trends in office space and construction environments are emerging, driven by the following factors:

  • A significant volume of new inventory has had a major impact to supply and demand dynamics, as available office product is expanding faster than tenant demand. This trend is motivating landlords to compete for tenants with more
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Avenue of the Americas outperforms expectations

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Avenue of the Americas has outperformed all Midtown core avenues in recent quarters. Since the first quarter of 2017, AofA has seen five straight quarters of positive absorption in the Class A segment- a total of 1.6 million square feet. It has also seen Class A vacancy stop for six consecutive quarters, from 10.7 percent in the fourth quarter of 2016 to 6.5 percent in the beginning of this year.

The corridor… Read More

Fintech emerges as Financial Services companies continue to invest

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Manhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s significant growth potential. Fintech tenants signed 877,171 square feet of leases last year, led by JPMorgan Chase (JPMC) and Mastercard, which both signed leases for their technology-oriented operations groups. JPMC took 428,365 square feet at 5 Manhattan West while Mastercard took 212,500 square feet at 150 Fifth Avenue.

Luxury brands opt for airport pop-ups

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If you were travelling through New York’s JFK Airport and thought you passed a giant blue Tiffany box, you were in fact correct.

The Tiffany installation was one of many examples of luxury brands popping up in airports as a way to draw in customers. Airports have long been synonymous with luxury retail outlets, but now a growing number of brands are choosing to showcase their wares in a more temporary, and eye-catching,… Read More

Recent activity suggest a westward shift in Manhattan’s center of gravity

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  • ​74 percent of all large relocations, by square footage, since 2014 represented movement either West or South; with the majority coming from the Grand Central and Plaza District districts.
  • These relocating tenants are leaving behind more than 13 million square feet of Midtown availability.
  • Large renewal activity remains concentrated in Midtown
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