Category Archives: Asking rates

One door closes, another opens – to opportunities

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Despite headlines about store closures, retail opportunity remains positive as new stores open and alternate paradigms emerge, especially in New York’s prime urban retail corridors.

In New York City’s upper Fifth Avenue shopping corridor, Under Armour will open its newest flagship store in 2018, in the former FAO Schwarz space vacated in 2015. Old Navy and The Gap will open flagships together in the former Toys “R” Us space in the Bow Tie building at… Read More

Cracking the hardest code

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JLL’s technology report “Cracking the hardest code: Where to find tech talent?” is an interesting and thought-provoking piece.  Given the growing concentration of talent in software development and computer programming in tertiary markets like Albany, NY and Columbus, OH (among other surprising locations), will technology companies continue to pay sky-high office rents in Manhattan?

Ponder this: according to JLL Research, TAMI industry office-using employment, largely driven by technology companies, has increased by nearly 29% since… Read More

JLL promotes the workplace of the future

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TAMI tenants may prefer to hold a lunch meeting in Bryant Park with a Halal falafel and a $3 bottled water, but they demand first-class lobby concierge, wellness, gourmet food and more in the office. And it’s paying off. Large user tenants recently signed leases on New York’s West Side for >$100 per square foot that may include outdoor space, bike storage, fitness centers and pet-friendly facilities to help their organizations foster interaction, increase… Read More

5 key trends shape mid-year Skyline update

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Last week, JLL launched a mid-year update to the 2016 Skyline Report, which provides online access to current market intelligence for the most iconic offices across our skyline. JLL’s Skyline provides insights on office supply, demand, rents and leverage for the top-tier office market within CBDs and urban cores. Five key trends shape this update, and below see how they impact our City.

  1. Gone today, here tomorrow

Many markets are expected to enter a period of… Read More

Q1: Returned blocks combined with slower leasing activity to drive vacancy higher

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New York Office Outlook | Q1 2015

JLL’s New York Research team has just released its New York Office Outlook for the first quarter – a 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:

  • A number of available blocks of space—most of which had been anticipated by the market—were added during the first quarter that offset positive absorption
  • 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 percent in January… Read More

Midtown trophy rents at highest level in three years

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New York’s Trophy Buildings Continue to Outperform Larger Market

Skyline

While Manhattan’s growing economic diversification into high-tech and other creative industries is welcome news for the larger economy, JLL New York’s research team has found that financial and legal services continue to drive occupancy and pricing at the top of the market. The majority of New York’s most expensive properties remain clustered around the Plaza District, but… Read More

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
  • Read More

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
  • Read More

Midtown South Class A vacancy tightens to lowest level since 2007

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Manhattan Office Outlook | November 2014

MMU_Nov2014JLL’s New York Research team has just released its November 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 asking rents were mostly unchanged in October while vacancy… Read More