Category Archives: Brokerage

Hudson Yards/Manhattan West update: New and improved product continues to draw from Midtown

0 CommentsBy

As Hudson Yards/Manhattan West takes shape, more and more traditional Midtown tenants have committed to the new and renovated quality spaces on the Far West Side, according to JLL Research. The westward trend continues as two more relocations from Midtown were reported in August: Business services firm… Read More

Midtown East rezoning to spur development of new office towers

0 CommentsBy

The Midtown East rezoning deal struck between the New York City Council (Land Use Committee) and the de Blasio administration not only allows for new construction of approximately 6.5 million square feet of office space within the 78-block area around Grand Central, but is also intended to generate a minimum of $61.49 per square foot, or 20 percent of the… Read More

JLL promotes the workplace of the future

0 CommentsBy

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… Read More

5 key trends shape mid-year Skyline update

0 CommentsBy

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… Read More

Buy vs. Leasing in CRE: What’s the best decision for your business?

0 CommentsBy

Corporate real estate directors are constantly challenged to balance the opportunities of a dynamic capital markets environment with the operational and financial goals of their companies.

Many organizations follow a traditional course and have ownership or leasing strategies driven by longstanding financial policies. Some have implemented proactive strategies for selected properties—such as sale-leasebacks of owned assets or acquisitions of short-term leased assets—to take advantage of the current capital markets environment.

Historically these decisions have been… Read More

Midtown South records third consecutive year of double digit rent growth

0 CommentsBy

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
  • Read More

Midtown trophy rents at highest level in three years

0 CommentsBy

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… Read More

Meet JLL retail experts at ICSC next week

0 CommentsBy

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 BoothRead More

New York office market posts lowest overall vacancy rate since Q3 2008

0 CommentsBy
  • Vacancy rates down in all submarkets, building classes
  • Overall Manhattan rents continue to rise in 3rd quarter of 2014

NYC_blogDespite moderate leasing activity during the third quarter of 2014, New York’s office market posted sharp drops in vacancy rates in every submarket and property type, according to JLL. The city’s overall vacancy rate has fallen to its lowest level since the third quarter of 2008.

Manhattan’s overall vacancy rate dropped to 9.7 percent this quarter, a decrease of 8.5 percent (or 0.9 percentage points) from 10.6 percent at midyear 2014. The city’s Class A vacancy rate fell to 10.6 percent in the third quarter of 2014, a decrease of 7.8 percent (or 0.9 percentage points) from 11.5 percent the previous quarter.

“The final quarter of the year is typically the most active in Manhattan, and brokers reported brisk building touring activity over the summer,” said Tristan Ashby, director of New York research.

“Going forward, we expect to see much higher rents throughout the city as vacancy rates continue to tighten. There are increasingly fewer opportunities at the very top end (Plaza Trophy) and very low end (Downtown Class B) of the market, or anywhere in Midtown South. Longer-term, large blocks will begin entering the market in Midtown beginning in 2018 as new construction, redevelopments and several large blocks vacated by relocating tenants come online.”

Overall average asking rents in New York rose to $64.91 per square foot this quarter, an increase of less than one percent from $64.57 per square foot at midyear 2014. The city’s Class A average asking rent grew to $71.66 per square foot in the third quarter of 2014, an increase of less than one percent from $71.28 per square foot the previous quarter.

Read More

JLL Tapped as Exclusive Leasing Agent for 129 Fifth Avenue

0 CommentsBy

Premiere Flatiron retail space hits market | JLL to lease two-level, 8,987-SF retail cooperative in historic district

Fifth_AveMadison Capital recently selected JLL as exclusive leasing agent for the retail property at 129 Fifth Avenue. The firm will provide a full range of property marketing and transactional services for the 8,987-square-foot retail cooperative, currently occupied by Armani Exchange.

The JLL team handling the agency leasing assignment includes… Read More