Category Archives: Commercial real estate

Ground floor availabilities smaller in Q1, potentially in response to changing retailer needs

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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.

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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.

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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Heightened demand and new developments have propelled the Meatpacking District to the top of the market

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  • 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
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ICSC expands in NYC

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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

The Future of Work | Operational Excellence

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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

The Future of Work | Continuous Innovation

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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

The Future of Work | Digital Drive

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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

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

One Vanderbilt unveils additional building details

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Across the street from JLL’s Midtown Manhattan office, one of New York City’s soon-to-be-tallest buildings is slowly emerging from the ground. One Vanderbilt, the 1,401-foot tower developed by SL Green, has now reached street level, and its official Instagram has been actively sharing both its progress and plans.

In addition to… Read More