Category Archives: Chart of the Week

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

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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

Confidence continues in the Manhattan retail market

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REBNY Research reports that the Manhattan retail leasing market is proving to be an outlier against the national retail slowdown. Increased interest from retailers has spread throughout Manhattan, showing that there is confidence in Manhattan retail overall.

As the market’s natural retail correction continues, Manhattan rental rates for 72% of… Read More

NYC captures bulk of state’s private sector job growth

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JLL New York Chart of the Week

COW_New York_May 7_V7

  • Of the 655,000 private sector jobs created in the state from 2004 to 2014, NYC accounted for 89.0 percent of net gains – making it an integral part of the state’s economy.
  • In 2014, 46.5 percent of the state’s private sector jobs were in
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No slowdown in the influx of foreign capital – flight to safety continues

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New York Chart of the Week

PowerPoint Presentation

Four of the top seven closed deals in Manhattan during the first quarter involved foreign buyers:

  • The strengthening dollar seen during 1Q 2015 has not slowed down the pace of the acquisition of real estate, as foreign capital continues to increasingly target core assets in the Manhattan gateway.
  • First quarter activity, for transactions valued at $360M and greater, came
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More than 2 million square feet of new or repositioned retail slated for Lower Manhattan

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New York Chart of the Week

PowerPoint Presentation

 

Brookfield Place:
40 retailers totaling 200,000 s.f. will open by spring 2015, including Saks Fifth Avenue, Hermès, J.Crew, Theory, Le District French marketplace, and Hudson Eats – a collection of 14 fast-casual eateries

World Trade Center:
150 retailers totaling 350,000 s.f. will open in summer 2015, including… Read More

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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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
  • Read More

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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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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Wall Street reshaped by office conversions

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New York Chart of the Week

PowerPoint Presentation

  • Conversions of office properties to alternate uses—namely residential and hospitality—have been especially pronounced near the New York Stock Exchange.
  • Approximately 8.6 million square feet of Downtown office space has been repurposed from 2007 to present—more space than 1 World Trade Center, 4 World Trade Center, and 7 World Trade Center
  • Read More