Following a city-wide trend of shrinking store formats, the average size for ground floor available retail space decreased in nearly all the prime submarkets tracked in the first quarter of 2018, according to JLL Research in New York. The lone exception was in Lower Fifth Ave, where it remained the same.
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.
- 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 … Read More
- The desirability of the Meatpacking District (in part by fueled by Google’s move to 111 Eighth Avenue back in 2005 and its continued development of a “campus” in the micromarket) has encouraged developers to build boutique office buildings, which are commanding rents well above the market average. Opportunistic landlords are taking advantage of Meatpacking’s status as a trendy and hip place to be.
- Six new developments—three complete and three impending, totaling 787,989 … Read More
The retail climate is hot at ICSC 2017 – New York Deal Making, as retail industry experts gather to discuss navigating a somewhat unknown but definitely expanding frontier. Even this year’s conference is expanding – attendance, exhibitor space and CRE technology have all expanded at the Jacob K. Javitz Convention Center to help retailers build brand loyalty, grow revenue and empower the next generation…all in less than 3 days.
According to Shopping… Read More
In recent years companies have been trying to inject more of the fun factor into the workplace: Slides instead of stairs, swings to help creative ideas “flow,” and game rooms packed with lunchtime entertainment options.
What began as a tech industry trend has gone mainstream. More companies are creating playful space to help people unwind, engage and think outside the box. While modern office design and perks may provide a unique conversation… Read More
In less than two weeks, New York City is hosting the largest marathon race not only in the US, but in the world. How fitting since NYC also hosts one of the largest corporate races you participate in daily – the race to be the front-runner in your industry. And as New Yorker’s, we know you not only want to compete, you want win, every single day. And to do this,… Read More
Accommodating the Liquid Workforce
How do you mesh today’s workforce of employees and freelance staff to create an environment that empowers the entire team and infuses your brand and culture? How can you make a flexible workspace while still creating a sense of belonging? And what mix of work areas will best empower freelancers without sacrificing a sense of ownership for full-timers?
While there is no one-size-fits-all answer, a workplace designed for a… Read More
As we continue exploring how commercial real estate is transforming business through our Future of Work model, we find digitization and technology to be a powerful force behind improving work space performance and enabling employees to focus on more strategic and creative ambitions.
So it’s no surprise that the second dimension of our Future of Work series is Digital Drive. All companies are becoming technology companies. Technology drives change and changes inspired… Read More
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